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ASIA STOCKS: Asian Equities Edge Lower Amid Political Uncertainty

ASIA STOCKS
EM BulletAPACEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Asian markets are mostly lower today, largely just a continuation from overnight on Wall street. US tsys yields are reversing earlier gains, there is uncertainty in Japan surrounding the upcoming general election and weak domestic demand have also weighed on the local market. It is a quiet week for economic data in the region this week

  • China & Hong Kong equities are little changed today, Ping An Insurance's reported strong quarterly earnings, while Chinese electric-vehicle makers saw a rise in their shares after surpassing sales estimates for the week starting Oct. 7, with sales showing a 62% w/w growth, significantly stronger than initial forecasts.
  • Short selling of HK listed equities hit its lowest in three and a half years, thanks to a rally triggered by a series of Chinese stimulus measures. Short positions made up only 9.7% of total turnover on Friday, a level not seen since April 2021, although it edged slightly higher to 10.7% on Monday.
  • Asian Tech stocks are struggling today, with Samsung  (-1.30%), TSMC (-1.40%), Tokyo Electron (-2.50%) which has weighed on teh tech heavy KOSPI  (-1%) & TAIEX (-0.60%). Foreign investors have returned to selling South Korean stocks with $144m of outflows so far today, with majority coming from tech stocks, although there has been buying of Financial stocks.
  • Australian equities are the worst performing in the region today, with all sectors in the red. There doesn't seem to be much of a catalyst for the underperformance, other than caution heading into the US election, investors looking to book profit after the ASX200 recently made new all time highs. Today the ASX200 is trading 1.60% lower.
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Asian markets are mostly lower today, largely just a continuation from overnight on Wall street. US tsys yields are reversing earlier gains, there is uncertainty in Japan surrounding the upcoming general election and weak domestic demand have also weighed on the local market. It is a quiet week for economic data in the region this week

  • China & Hong Kong equities are little changed today, Ping An Insurance's reported strong quarterly earnings, while Chinese electric-vehicle makers saw a rise in their shares after surpassing sales estimates for the week starting Oct. 7, with sales showing a 62% w/w growth, significantly stronger than initial forecasts.
  • Short selling of HK listed equities hit its lowest in three and a half years, thanks to a rally triggered by a series of Chinese stimulus measures. Short positions made up only 9.7% of total turnover on Friday, a level not seen since April 2021, although it edged slightly higher to 10.7% on Monday.
  • Asian Tech stocks are struggling today, with Samsung  (-1.30%), TSMC (-1.40%), Tokyo Electron (-2.50%) which has weighed on teh tech heavy KOSPI  (-1%) & TAIEX (-0.60%). Foreign investors have returned to selling South Korean stocks with $144m of outflows so far today, with majority coming from tech stocks, although there has been buying of Financial stocks.
  • Australian equities are the worst performing in the region today, with all sectors in the red. There doesn't seem to be much of a catalyst for the underperformance, other than caution heading into the US election, investors looking to book profit after the ASX200 recently made new all time highs. Today the ASX200 is trading 1.60% lower.