ASIA-PAC EQUITY WRAP: Asian stocks were mostly subdued following the rise in global yields

Analysis details (06:05)

Asia-Pac stocks were mostly subdued following the mixed handover from Wall St where tech underperformed as global yields climbed after the surprise BoC rate hike, but the Russell 2000 extended on its recent rally in a continuation of the rotation into small caps. ASX 200 (-0.3%) traded rangebound as gains in the commodity-related sectors were offset by underperformance in property and tech, while softer trade data from Australia added to the non-committal mood. Nikkei 225 (-1.4%) was initially choppy but eventually retreated firmly beneath the 32,000 level despite the stronger-than-expected upward revisions to Q1 GDP. Hang Seng (-0.5%) and Shanghai Comp. (-0.2%) were lacklustre amid the ongoing growth concerns surrounding the world’s second-largest economy but with losses stemmed after the big 4 banks reduced their deposit rates following calls from the government to help bolster the economy.

08 Jun 2023 - 06:05- Fixed IncomeData- Source: Newsquawk