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Asian Equities Mixed As Trump's Odds Gain

ASIA STOCKS
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Asian stocks are mixed today, despite gains on Wall Street with the possibility of a second Donald Trump term increasing, PredictIt now has him at a 68% chance of winning the election. Trump trades have been the focus today, with regions perceived to benefit from a Trump presidency out-performing, while the bonds market continues to see curve steepener trades. Regionally it has been a slow session, with very little in the way of economic data or market headlines the market has been awaiting headlines out of the Third Plenum policy meetings happening in China right now where they are expected to set strategies and policies for the coming decade.

  • Japanese equities are benefiting from growing expectations of a US rate cut, with the futures market currently fully pricing in a cut in September, while Japan is also expected to gain from a Trump presidency. Later we have Tertiary Industry Index which is expected to to 0.1% m/m for May, down from 1.9% prior. The Topix is 0.50% higher, while the Nikkei is up 0.25%
  • South Korean large-cap stocks have erased earlier losses with the Kospi now up 0.30%, while small-cap stocks underperform with the Kosdaq down 1.50%. President Yoon Suk Yeol holds cabinet meeting after returning home from a five-day trip to US, which included the NATO summit. In June, South Korea's export price index rose 12.2% year-on-year and 0.9% month-on-month, while the import price index increased 9.7% year-on-year and 0.7% month-on-month, according to the BOK.
  • Taiwan equities have done very little today, trading steady. Overnight, the Philadelphia SE Semiconductor Index closed 0.04% higher, and we have yet to see any headlines out of the Third Plenum meeting to cause a directional trading move. The Taiex is currently trading 0.13% higher.
  • Australian equities are a touch lower today after reaching a record high on Monday. Miners declined due to falling commodity prices amid weak Chinese demand and after Rio Tinto's quarterly production report. Conversely, financial stocks rose, mirroring gains in US financial stocks following positive results from Goldman Sachs and BlackRock. The ASX200 is down 0.20%.
  • Elsewhere, New Zealand equities are 0.35% higher, Philippines equities are 0.10% higher, Indian equities are 0.25% higher, while Malaysian equities are 0.25% lower, Singapore equities are down 0.25% and Indonesia equities are down 0.45%
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Asian stocks are mixed today, despite gains on Wall Street with the possibility of a second Donald Trump term increasing, PredictIt now has him at a 68% chance of winning the election. Trump trades have been the focus today, with regions perceived to benefit from a Trump presidency out-performing, while the bonds market continues to see curve steepener trades. Regionally it has been a slow session, with very little in the way of economic data or market headlines the market has been awaiting headlines out of the Third Plenum policy meetings happening in China right now where they are expected to set strategies and policies for the coming decade.

  • Japanese equities are benefiting from growing expectations of a US rate cut, with the futures market currently fully pricing in a cut in September, while Japan is also expected to gain from a Trump presidency. Later we have Tertiary Industry Index which is expected to to 0.1% m/m for May, down from 1.9% prior. The Topix is 0.50% higher, while the Nikkei is up 0.25%
  • South Korean large-cap stocks have erased earlier losses with the Kospi now up 0.30%, while small-cap stocks underperform with the Kosdaq down 1.50%. President Yoon Suk Yeol holds cabinet meeting after returning home from a five-day trip to US, which included the NATO summit. In June, South Korea's export price index rose 12.2% year-on-year and 0.9% month-on-month, while the import price index increased 9.7% year-on-year and 0.7% month-on-month, according to the BOK.
  • Taiwan equities have done very little today, trading steady. Overnight, the Philadelphia SE Semiconductor Index closed 0.04% higher, and we have yet to see any headlines out of the Third Plenum meeting to cause a directional trading move. The Taiex is currently trading 0.13% higher.
  • Australian equities are a touch lower today after reaching a record high on Monday. Miners declined due to falling commodity prices amid weak Chinese demand and after Rio Tinto's quarterly production report. Conversely, financial stocks rose, mirroring gains in US financial stocks following positive results from Goldman Sachs and BlackRock. The ASX200 is down 0.20%.
  • Elsewhere, New Zealand equities are 0.35% higher, Philippines equities are 0.10% higher, Indian equities are 0.25% higher, while Malaysian equities are 0.25% lower, Singapore equities are down 0.25% and Indonesia equities are down 0.45%