Asia Equities Lower, As Equity Flow Momentum Slows Ahead of US Data

Regional Asian Equities are mixed lower today, as inflows continue to lose momentum in the region, investors have also been taking profit ahead of US GDP and PCE data due out later today.

• Japan equities are lower today, banks are weighing on the index today after yesterday pushing higher on the back of 2y JGBs hit their highest levels since 2011, the Topix Bank index is down 1%. Earlier Bank of Japan Executive Director Seiichi Shimizu says there hasn’t yet been enough certainty that the bank’s stable inflation goal will be achieved, and that the Bank will consider adjusting it's monetary easing once the price goal is in sight. Currently the Topix is down 0.23% while the Nikkei 225 trades 0.20% lower.
• South Korean equities are higher today, there has been little in the way of any news headlines driving this move higher, global semiconductor indices were lower on Tuesday, while the "Korea Discount" is nearing yearly lows again after recent policy announcements underwhelmed the market. Foreign equity inflows also continue to slow with the 5-day average is now at $40m, while the 20-day sits at $286m
• Taiwan Equities have followed wider markets lower today, while the Philadelphia semiconductor index also closed 0.20% lower on Tuesday. Equity flows were negative on Tuesday and continue to slow, although still in positive territory on a rolling average as the 5-day average is now at $132m while the 20-day sits at $331m
• Australian equities are lower today being dragged down by financials. Earlier Australia had construction work done coming in just above expectations at 0.7% vs 0.6%, while CPI came in below expectations at 3.4% vs 3.6%, the ASX200 currently trades down 0.10%
• Elsewhere in SEA, NZ equities higher after the RBNZ kept rates on hold, while Indonesia recorded a fourth day of foreign equity outflows, although their equity is up 0.30% today, while Singapore & Malaysia equities are 0.2-0.5% lower.