Asian Equities Head Lower As Investors Take Profit

Asia markets are lower today as investors look to take profits. Japan opened higher following moves made overnight in the US markets, however we have since reversed all those gains as corporate earnings weigh on the tech sector, metals prices continue to edge higher and trade near all-time-highs helping miners, while the Chinese property sector sold off heavily on concerns recent policy announcements will be enough to support the sector, the MSCI Asia Pacific is trading down 0.70%. There was little in the way of economic data in the region today, although the RBA released minutes from their May policy meeting where they resumed a discussion of interest rate hikes.

• Japanese equities opened higher this morning, following moves made in US markets overnight and insurers rose after positive earnings outlooks and buyback announcements, however we have since pared gains and now trade little changed. The Nikkei 225 is down 0.02%, while the Topix is up 0.06%.
• South Korean equities are lower today as local tech stocks slide, Samsung is the largest contributed to the loss. There is little on the calendar today, with PPI and Business Survey Manufacturing due out tomorrow, while focus will be on the BOK Thursday. The Kospi is trading down 0.65%, while the small-cap Kosdaq is down 0.18%.
• Taiwan equities are slightly lower today, regional tech prices are lower which is leading to the weakness in the local market. This week we have the unemployment rate due out tomorrow and Industrial Production on Thursday. The Taiex is down 0.20%.
• Australian equities are lower today, focus has been on the RBA minutes where they discussed interest-rate hikes and that inflations risks had risen somewhat. Financials and Materials are the worst performing sectors, offsetting gains in Consumer Discretionary, Industrials and Tech, the ASX200 is down 0.05%
• Elsewhere in SEA, New Zealand equities are down 0.42%, Singapore equites are down 0.38%, Indonesian equities are down 0.55%, Philippines are down 0.75% & Malaysian equities are down 0.24%.