ASIA-PAC EQUITY WRAP: Asian stocks were mostly subdued after the lack of breakthrough in US debt ceiling talks

Analysis details (05:57)

Asia-Pac stocks were mixed with the region cautious after the weak handover from the US where risk appetite was clouded amid debt ceiling concerns, while the meeting between US President Biden and congressional leaders achieved no major breakthroughs although was said to be productive and has set the stage to carry on further conversations. ASX 200 (-0.4%) was subdued amid losses across nearly all sectors and following mixed wage price index data. Nikkei 225 (+0.8%) outperformed and climbed above the 30,000 level for the first time since September 2021 with sentiment also underpinned by stronger-than-expected Japanese GDP data. Hang Seng (-0.5%) and Shanghai Comp. (-0.2%) were lower with price action contained amid a lack of fresh macro catalysts to detract from the recent streak of disappointing data releases from China.

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