ASIA-PAC EQUITY WRAP: Asian stocks were mostly subdued after mixed Chinese data and with global participants tentative ahead of key US earnings

Analysis details (05:42)

Asia-Pac stocks traded mostly subdued and failed to benefit from the slew of data from China including stronger GDP growth with the mood tentative across global markets ahead of upcoming earnings releases stateside. ASX 200 (-0.4%) was dragged lower by underperformance in energy and consumer stocks, while the RBA Minutes reaffirmed the potential for future rate increases as the central bank noted it is important to be clear that policy may be tightened again to curb inflation in a timely manner and that inflation is still too high. Nikkei 225 (+0.5%) was kept afloat following reports that the BoJ is mulling CPI projections for FY25 of between 1.6%-1.9% which would remain below the central bank’s 2% price goal and support the case for a delayed or slower exit from easy policy. Hang Seng (-0.8%) and Shanghai Comp. (Flat) were contained as participants reflected on the somewhat varied data releases from China in which GDP for Q1 Q/Q matched estimates at 2.2% and Y/Y growth topped forecasts at 4.5% (exp. 4.0%), while Industrial Production and Fixed Asset Investments printed below expectations, but Retail Sales surged by a double-digit percentage.

18 Apr 2023 - 05:41- Fixed IncomeData- Source: Newsquawk