ASIA-PAC EQUITY WRAP: Asian stocks were mostly lower with price action indecisive as a US debt ceiling remains elusive

Analysis details (05:57)

Asia-Pac stocks were indecisive as participants digested the latest from the debt limit negotiations with the meeting between US President Biden and House Speaker McCarthy said to be productive but still lacked any major breakthrough. ASX 200 (+0.1%) was kept afloat but with the upside capped by weakness in the consumer sectors and after Australia’s Flash Manufacturing PMI remained at a contraction. Nikkei 225 (-0.6%) initially climbed to its highest level since August 1990 and was on course to match its longest win streak in around 4 years, before eventually deteriorating in afternoon trade. Hang Seng (-0.7%) and Shanghai Comp. (-0.6%) were subdued following Hong Kong’s failure to sustain the early tech-led momentum from China’s approval of 86 domestic online games in May, while the mainland was pressured after Chinese press reports noted expectations for the PBoC’s benchmark lending rates to remain unchanged for some time and after the US denied it was planning to lift sanctions on China's defence minister.

23 May 2023 - 05:56- Research Sheet- Source: Newsquawk