ASIA-PAC EQUITY WRAP: Asian stocks were mostly positive but with gains capped heading into this week's major central bank meetings and big tech earnings

Analysis details (05:51)

Asia-Pac stocks were mostly positive but with gains capped and US equity futures began the week with a non-committal tone ahead of upcoming key risk events including the FOMC, ECB and BoJ monetary policy meetings, as well as several big tech earnings results. ASX 200 (Flat) was rangebound as outperformance in the energy sector was offset by losses in mining names and with sentiment also clouded after Australian flash PMIs all printed in contraction territory. Nikkei 225 (+1.2%) was buoyed after reports on Friday that the BoJ is leaning towards keeping its yield curve control policy unchanged at the upcoming meeting and sees little need to act on YCC for now, while the KOSPI (+0.4%) shrugged off early jitters from North Korea’s latest missile firing over the weekend. Hang Seng (-1.5%) and Shanghai Comp. (+0.1%) were mixed with Hong Kong pressured by weakness in the property sector and tech, while the mainland was indecisive as the NDRC’s notice to promote high-quality development of private investment counterbalanced the reduced hopes for aggressive stimulus from China’s politburo meeting where the top officials will review the economic performance for H1.

24 Jul 2023 - 05:47- Fixed IncomeResearch Sheet- Source: Newsquawk