ASIA-PAC EQUITY WRAP: Asian stocks were subdued amid a slew of earnings and ahead of US inflation data, while there was also very little progress in debt ceiling talks

Analysis details (05:49)

Asia-Pac stocks were mostly lower as the region digested a slew of earnings updates and following the weak handover from Wall St where the major indices were cautious after hawkish central bank rhetoric and ahead of US inflation data, while there was also very little progress from US debt ceiling talks. ASX 200 (-0.1%) was subdued amid underperformance in financials, energy and telecoms but with losses stemmed by defensives and as participants mulled over the details of the recent federal budget. Nikkei 225 (-0.4%) weakened with the focus in Japan centred on a deluge of earnings releases. Hang Seng (-0.7%) and Shanghai Comp. (-1.4%) conformed to the global downbeat mood amid weakness in China’s largest banks and with several property names also pressured, while a report that Chinese GDP growth is likely to pick up in Q2 due to policy support, did little to spur risk appetite.

10 May 2023 - 05:41- Research Sheet- Source: Newswires