ASIA-PAC EQUITY WRAP: Asian stocks were mostly pressured amid higher global yields and after the FOMC Minutes provided little to deviate from the current view of future rate increases

Analysis details (05:56)

Asia-Pac stocks were mostly lower following the post-Independence Day hangover in the US owing to recent weak global data releases, a rising yield environment and after the FOMC Minutes provided little to deviate from the current view of future rate increases. ASX 200 (-1.3%) traded lower as underperformance in the mining and materials-related industries spearheaded the declines seen in nearly all sectors and with risk appetite also sapped by a rise in Aussie yields. Nikkei 255 (-1.7%) was pressured at the open with selling exacerbated after slipping beneath the 33,000 level. Hang Seng (-3.3%) and Shanghai Comp. (-0.5%) declined with notable pressure on Hong Kong-listed Chinese banks after China’s largest lenders cut rates for corporate US dollar deposits amid efforts to support the yuan and with banks said to have stopped buying bonds issued in the Shanghai free trade zone after heightened regulatory scrutiny, while the losses in the mainland were stemmed ahead of US Treasury Secretary Yellen’s arrival in Beijing later for meetings with senior officials.

06 Jul 2023 - 05:52- Fixed IncomeEconomic Commentary- Source: Newsquawk