Asia Equities Mostly Lower, Higher PMIs Help Some Markets

Asia equities are mostly lower today, largely on the back of the FOMC rate decision and Powell's comments around not cutting in March. While regional PMI prints have mostly been to the upside for Jan, helping some local markets.

• Japan equity indices are lower across the board today, the biggest news coming out is from Aozora Bank, as their shares plunged 21.5% on the back of losses in their US commercial property exposure, this coming on the back of NY Community Bancorp slashing it's dividend and stockpile reserves, due to bad loan exposure to US property, causing the stock to fall 38%. Currently the Topix is 0.75% lower, while the Nikkei trades 0.90% lower
• South Korea equities indices are higher today as PMI data showed a return to growth 51.2 up from 49.9 in Dec, while headlines out earlier from the Finance Minister around resolving the "Korea Discount" in stock markets are helping push the Kospi higher, currently up 1.50%
• Taiwan PMI out earlier improved from last month at 48.8 vs 47.1, the Taiex is currently trading flat.
• Australia equities have ended their winning run by giving all gains from yesterday back, after Powell dampened hope of a US rate cut in march, the ASX200 is trading lower by 1.20%, elsewhere in Aus the 3Y hit 3.50% for the first time since June, while a rate cut is fully priced in for June.
• Elsewhere in SEA, PMI data has been released showing Indonesia the standout in the region coming in at 52.9 vs 52.2, equities higher by 0.70%, elsewhere Thailand's PMI data improved from last month, but still showing signs production is contracting 46.7 vs 45.1, equities lower by 0.40%, while Philippines PMI fell to 50.9 vs 51.50 last month with equities lower by 0.65%