ASIA-PAC EQUITY WRAP: Asian stocks were mostly higher heading into quarter-end and amid a slew of data including better-than-expected Chinese PMIs
Analysis details (05:52)
Asia-Pac stocks were mostly firmer at quarter-end as they took impetus from the tech-led gains on Wall Street and with participants digesting a slew of data including better-than-expected Chinese PMIs. ASX 200 (+0.8%) was higher with gains led by the mining and resources sectors following the strong data from Australia’s largest trading partner although upside was capped ahead of next week’s RBA meeting with a recent Reuters poll showing near-even expectations between a hike and a pause. Nikkei 225 (+1.1%) gained heading into the end of the fiscal year and climbed back above the 28,000 level after encouraging Industrial Production and Retail Sales data but was off highs with chipmakers later pressured after Japan announced to impose new restrictions of chip-making gear. Hang Seng (+1.0%) and Shanghai Comp. (+0.2%) were positive after the strong Chinese PMI data in which Manufacturing PMI topped forecasts and Non-Manufacturing PMI rose to its highest since 2011, with the outperformance in Hong Kong led by tech as JD.com plans to spin off and separately list its industrials and property units. However, the gains in the mainland were limited amid a deluge of earnings releases including mixed results from China’s mega-banks and with the nation’s largest property developer Country Garden posting its first annual loss since its listing in 2007.
31 Mar 2023 - 05:49- Fixed IncomeData- Source: Newsquawk
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