Asian Equities Follow US Markets higher

Asian equities are higher this morning, following moves made overnight after US tech names help push markets to new all time highs. Indian equities will again be a focus today, after Narenda Modi won backing from allies which will allow him to form a government. Overnight US Yields were lower following weaker than expected ADP employment change, while today we have a reasonable quiet calendar with Australia Trade Balance and BoJ Members speaking a bit later. South Korean markets are closed for Memorial Day today.

• Japanese equities are higher this morning as sentiment around fed cuts improve follow a slowdown in private job growth. Tech stocks are performing well, following moves made overnight. While the yen weakens a touch and JGB yields falling is helping the local market. The tech heavy Nikkei 225 is up about 1%, while the Topix is 0.60% with the Topix Bank Index off 0.10%.
• Taiwan equities have surged higher this morning and are now testing all time highs, the moves can be attributed to strong tech prices in the US overnight and weaker than expected US employment change which saw rate cut projections gain. The Taiex is up 2%
• Australian equities also higher today, earlier the Trade Surplus widened to 6,548M m/m in May vs. 5,500M expected, while home loan value jumped as higher rental yields attract property investors. All sectors are in the green today, with Financials the top performing, followed by industrial names. The ASX200 is up 0.80%.
• Elsewhere in SEA, New Zealand Equities are 0.10% lower as het currency continues to tick higher. Singapore equities are 0.40% higher following weaker-than expected Retail Sales yesterday. The Indonesian JCI is 1% higher and back above 7,000. The Philippines PSEi is up 1% following the unemployment rate rising to 4$ from 3.9%.