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Asian Equities Head Higher As Powell Sees Rate Cuts This Year

ASIA STOCKS
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Regional Asian equities are higher today, largely on the back of comments from Jermone Powell reaffirmed his view of rates cuts later this year, he mentioned the Fed would take a wait-and-see approach before reducing borrowing costs. However, his views that recent inflation figures did not “materially change” the overall picture offered support for risk assets. Elsewhere China & Taiwan will be out for the rest of the week, while Hong Kong is out today.

  • In Japan equities have surged higher on Thursday as comments from Powell where he reaffirmed his view that the Fed will start to cut rates later this year, while yields were lower on the back of weaker than expected US ISM data. It is a quiet day for economic data for Japan, while there is a 30Y Bond Auction later in the day. The Topix Bank Index leads the way higher today, up 1.85% and up 4.10% from the lows from yesterday morning, the wider Topix is up 1.37%, while the Nikkei 225 is back above the 40,000 mark and up 1.53%.
  • South Korean equities are higher led by chip stocks after comments from Powell. Samsung, SK Hynix and LG Energy are the biggest individual contributors to the gains in the Kospi. Wednesday marked the first day in 10 trading session where foreign investors sold SK equities, although just $28m. Later today, South Korean Finance Minister will meet with foreign investors to promote the "Value-up" program.
  • Taiwanese equities markets will be closed for the rest of the week for Tomb Sweeping Day.
  • Australian equities are higher today, the ASX200 bounced off the 20-day EMA and now trades up 0.505 for the day. Financial are leading the way higher today, while Consumer Staples/Discretionary and Telecom names are underperforming.
  • Elsewhere in SEA, New Zealand equities are 0.25% lower, while building permits increased to 14.9% in Feb from -806% in Jan, the ANZ Commodity Price Index fell to -1.3% from 3.5%. Singapore equities are 0.60% higher, Malaysian equities are 0.36% higher
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Regional Asian equities are higher today, largely on the back of comments from Jermone Powell reaffirmed his view of rates cuts later this year, he mentioned the Fed would take a wait-and-see approach before reducing borrowing costs. However, his views that recent inflation figures did not “materially change” the overall picture offered support for risk assets. Elsewhere China & Taiwan will be out for the rest of the week, while Hong Kong is out today.

  • In Japan equities have surged higher on Thursday as comments from Powell where he reaffirmed his view that the Fed will start to cut rates later this year, while yields were lower on the back of weaker than expected US ISM data. It is a quiet day for economic data for Japan, while there is a 30Y Bond Auction later in the day. The Topix Bank Index leads the way higher today, up 1.85% and up 4.10% from the lows from yesterday morning, the wider Topix is up 1.37%, while the Nikkei 225 is back above the 40,000 mark and up 1.53%.
  • South Korean equities are higher led by chip stocks after comments from Powell. Samsung, SK Hynix and LG Energy are the biggest individual contributors to the gains in the Kospi. Wednesday marked the first day in 10 trading session where foreign investors sold SK equities, although just $28m. Later today, South Korean Finance Minister will meet with foreign investors to promote the "Value-up" program.
  • Taiwanese equities markets will be closed for the rest of the week for Tomb Sweeping Day.
  • Australian equities are higher today, the ASX200 bounced off the 20-day EMA and now trades up 0.505 for the day. Financial are leading the way higher today, while Consumer Staples/Discretionary and Telecom names are underperforming.
  • Elsewhere in SEA, New Zealand equities are 0.25% lower, while building permits increased to 14.9% in Feb from -806% in Jan, the ANZ Commodity Price Index fell to -1.3% from 3.5%. Singapore equities are 0.60% higher, Malaysian equities are 0.36% higher