Asia Equities Mostly Higher Led By Tech Names, Aus & NZ Underperform

Asian equities are mostly higher today, Japan leads the way while the BBG Asia Index is 1.63% higher, Tech and Semi-Conductor names outperforming while Bitcoin trades above $50,000 for the first time in 2 years. Hong Kong and China remain closed for Lunar New Year celebrations.

• In Japan, equity markets are moving closer to all-time highs. Today's surge is attributed to strong performances in tech names, particularly Tokyo Electron, which is by 11.65% higher after boosting its operating income guidance for the year, surpassing analyst estimates, while Japan's Largest non-life insurers have surged after the nation’s Financial Services agency asked them to accelerate their disposal of cross-shareholdings. The weaker yen -0.13% is also contributing to broader market strength. PPI data released earlier showed mixed results, with month-on-month numbers softer than expected at 0.0% versus the estimated 0.1%, while year-on-year figures were slightly stronger at 0.2% compared to the estimated 0.1%. Topix is up by 1.80%, and the Nikkei is trading 2.56% higher.
• In Australia, equity markets are lower today, with the ASX200 at 7607, down 0.10%, as gains in the financial sector have been offset by weakness in the health sector with CSL off another 3%, following yesterday’s 5.10% fall. Challenger exceeded expectations, leading to a 9.00% increase, while the country's largest job board, Seek.com.au missed earnings falling 13.35% at once stage, however, has recovered to trade just 4.50% lower.
• New Zealand equities continue their four-day losing streak, down by 0.15%, following remarks from RBNZ Governor Orr hinting at potential further rate hikes due to persistently high inflation. New Zealand inflation expectations fell to their lowest level in two and a half years with 2yr inflation expectation stands at 2.50%, compared to the previous 2.76% in a sign that the RBNZ may not need to raise interest rates further.
• South Korean equities opened higher, with the Kospi trading 1.40% higher after a day off. Semiconductor names were higher today, as the BBG Asia Pac Semiconductor hit highest levels in two years after Tokyo electrons strong earnings forecast and another rally in Nvidia shares overnight. While expectations for a regulatory push to close the "Korea Discount" are boosting markets and attracting significant inflows, with $580 million heading into SK stocks today.
• Indonesian equities are lower today, anticipating the upcoming presidential election on Wednesday, despite witnessing the highest net buying by global investors on Feb 12th in about two months. The Jakarta Composite currently trades 1.00% lower.
• Elsewhere in SEA, Philippines equities are 0.30% higher ahead of BSP's first policy meeting this year, Malaysian equities are 1.00% higher, while Singapore Equities are 0.60% lower.