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ASIA STOCKS: Asian Equities Mostly Higher, China Stocks Struggle

ASIA STOCKS
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Asian equities are mostly higher today, tracking gains made overnight in the US following renewed optimism about Nvidia’s growth prospects, while crypto continues to tick higher with bitcoin now eyeing $100,000. China 7 Hong Kong equities have struggled following poor results from Baidu.

  • Japan did report CPI at 2.3% y/y for October, Jibun Bank PMI was mixed with Mfg dropping to 49.0 from 49.2, although services PMI rose to 50.2 from 49.7, while equities pushed higher ahead of a $140b government stimulus announcement, and a slight strengthening of the yen following comments from Bank of Japan Governor Kazuo Ueda limited further gains. The TOPIX is 0.65% higher, while the Nikkei trades up 0.90%.
  • China & Hong Kong equities have struggled today, with property the worst performing sector, the Mainland Property Index is down 2.30%, while tech stocks struggle following Baidu's shares dropping sharply following a revenue decline, adding to weakness in the sector following on from Alibaba’s lackluster performance after its recent earnings report. The CSI 300 is 1% lower, while the HSI is trading 1.30% lower.
  • South Korean equities are higher as, SK Hynix surges 5% benefitting from the Philadelphia SE Semiconductor Index trading 1.60% higher overnight, Samsung which is trading just off four-year lows is trading unchanged. The KOSPI is 1% higher, while the KOSDAQ is 0.50% lower. Taiwan equities have also benefitted from higher global semiconductor prices with TSMC jumping 3%, which has helped the TAIEX rise 1.70%.
  • Australia's ASX 200 is trading 0.95% higher, with Financials contributing the most to the index gains, tech stocks in Australia are struggling following Wisetech dropping 12% following disappointing earnings guidance. In New Zealand, the NZX50 jumped 2.20%, following Fisher & Paykel jumping 4.30% and A2Milk jumping 18%.
  • Asian EM equities are mostly higher, India is up 1% however trades 10% off cycle highs following consistent selling from foreign investors recently, elsewhere Indonesia's JCI is up 0.80%, while Philippines PSEi is the worst performing with the index down 0.95%.
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Asian equities are mostly higher today, tracking gains made overnight in the US following renewed optimism about Nvidia’s growth prospects, while crypto continues to tick higher with bitcoin now eyeing $100,000. China 7 Hong Kong equities have struggled following poor results from Baidu.

  • Japan did report CPI at 2.3% y/y for October, Jibun Bank PMI was mixed with Mfg dropping to 49.0 from 49.2, although services PMI rose to 50.2 from 49.7, while equities pushed higher ahead of a $140b government stimulus announcement, and a slight strengthening of the yen following comments from Bank of Japan Governor Kazuo Ueda limited further gains. The TOPIX is 0.65% higher, while the Nikkei trades up 0.90%.
  • China & Hong Kong equities have struggled today, with property the worst performing sector, the Mainland Property Index is down 2.30%, while tech stocks struggle following Baidu's shares dropping sharply following a revenue decline, adding to weakness in the sector following on from Alibaba’s lackluster performance after its recent earnings report. The CSI 300 is 1% lower, while the HSI is trading 1.30% lower.
  • South Korean equities are higher as, SK Hynix surges 5% benefitting from the Philadelphia SE Semiconductor Index trading 1.60% higher overnight, Samsung which is trading just off four-year lows is trading unchanged. The KOSPI is 1% higher, while the KOSDAQ is 0.50% lower. Taiwan equities have also benefitted from higher global semiconductor prices with TSMC jumping 3%, which has helped the TAIEX rise 1.70%.
  • Australia's ASX 200 is trading 0.95% higher, with Financials contributing the most to the index gains, tech stocks in Australia are struggling following Wisetech dropping 12% following disappointing earnings guidance. In New Zealand, the NZX50 jumped 2.20%, following Fisher & Paykel jumping 4.30% and A2Milk jumping 18%.
  • Asian EM equities are mostly higher, India is up 1% however trades 10% off cycle highs following consistent selling from foreign investors recently, elsewhere Indonesia's JCI is up 0.80%, while Philippines PSEi is the worst performing with the index down 0.95%.