ASIA-PAC EQUITY WRAP: Asian stocks were mostly higher but with gains capped by weak Chinese trade data

Analysis details (05:47)

Asia-Pac stocks mostly gained following the positive handover from Wall St where the S&P 500 posted its highest close YTD and the Russell 2000 rallied amid strength in regional banks, although advances were capped as the attention in Asia turned to softer-than-expected Chinese trade data. ASX 200 (+0.2%) just about kept afloat but with the upside limited by the weaker-than-expected Australian GDP and hawkish adjustments to peak rate forecasts. Nikkei 225 (-1.0%) wiped out its initial gains in an early 700-point swing and briefly dipped beneath the 32,000 level where it found some support. Hang Seng (+1.0%) and Shanghai Comp. (Flat) were underpinned after reports that China asked the largest banks to cut deposit rates to boost the economy and with Hong Kong led by tech strength, while price action was less decisive in the mainland after the latest Chinese trade data mostly disappointed including the wider-than-expected contraction in dollar-denominated Exports.

07 Jun 2023 - 05:43- Data- Source: Newsquawk