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ASIA STOCKS: Asian Equities Lower As Corporate Earnings Weigh On Sentiment

ASIA STOCKS
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Asian equities are lower today, heading for their worst monthly performance since August 2023, as concerns over corporate earnings and upcoming US elections weighed on sentiment. Stocks in Japan, Australia, and South Korea fell, contributing to a regional downtrend. The MSCI Asia Pacific Index is down 0.4%, driven by declines in Hitachi and SK Hynix. 

  • Chinese and Hong Kong equities rose, buoyed by Chinese manufacturing data showing unexpected expansion for the first time since April, hinting that recent stimulus efforts may be taking effect. Chinese property developer shares rose for the second consecutive session, driven by optimism following reports that China is considering a 4b yuan special bond issuance to support the struggling sector. The BBG China Property Developer Gauge is 4.20% higher.
  • Japanese equities are slightly lower today following concerns over corporate earnings, Hitachi dropped 8% following disappointing guidance, with investors now turning their attention to key earnings from Nomura and Takeda, which are expected this week. There was little surprise from the BoJ's after they kept rates unchanged, the yen was little changed post the announcement.
  • South Korea equities are lower today, strong earnings from Samsung did little to push the KOSPI into positive territory, with SK Hynix dropping 3.30%, foreign investors have been selling local stocks with a total outflow of roughly $300m so far today. 
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Asian equities are lower today, heading for their worst monthly performance since August 2023, as concerns over corporate earnings and upcoming US elections weighed on sentiment. Stocks in Japan, Australia, and South Korea fell, contributing to a regional downtrend. The MSCI Asia Pacific Index is down 0.4%, driven by declines in Hitachi and SK Hynix. 

  • Chinese and Hong Kong equities rose, buoyed by Chinese manufacturing data showing unexpected expansion for the first time since April, hinting that recent stimulus efforts may be taking effect. Chinese property developer shares rose for the second consecutive session, driven by optimism following reports that China is considering a 4b yuan special bond issuance to support the struggling sector. The BBG China Property Developer Gauge is 4.20% higher.
  • Japanese equities are slightly lower today following concerns over corporate earnings, Hitachi dropped 8% following disappointing guidance, with investors now turning their attention to key earnings from Nomura and Takeda, which are expected this week. There was little surprise from the BoJ's after they kept rates unchanged, the yen was little changed post the announcement.
  • South Korea equities are lower today, strong earnings from Samsung did little to push the KOSPI into positive territory, with SK Hynix dropping 3.30%, foreign investors have been selling local stocks with a total outflow of roughly $300m so far today.