Asian Equities Mixed, AU Jobs Surprise On The Downside

Regional Asian equities are mixed today. The Philadelphia Semiconductor Index fell over 3% on Wednesday, Asian chipmakers such as TSMC which reports earnings later, and Tokyo Electron will be closing watched today. The FX market will also be a focus today, as local Asian currencies have continued to fall on expectations US rate cuts will be pushed back.

• Japanese stocks opened mixed today, recent focus has been around the yen with the currency edging higher after a joint statement from Japan, South Korea and the US fueled speculation that the latter would tolerate any Japanese attempt to support its currency. Investors will continue to watch closely for any signs of intervention from the BoJ. The Nikkei 225 over the past month has underperformed the Topix, down 4.83% vs 2.10%, with the Nikkei now eyeing a test of the 100-day EMA at 37,157.
• South Korea’s Kospi is higher today, with the Kospi up 1.40% erasing losses made on Wednesday, food stocks are behind the rally, as food exports from the nation are expected to grow, tech stocks are lower following moves from the US on Wednesday. The Kospi tapped the 200-day EMA on Wednesday as the 14-day RSI hit 30 before this mornings bounce.
• Taiwan equities have opened down 0.40% and have erased gains made on Wednesday, markets are likely to remains quiet until TSMC reports earnings later. TSMC has been responsible for about 60% of the Taiex yearly gains.
• Australian equities are higher today, miners have contributed the most to the moves as commodity prices head higher with Iron ore jumping as much as 6% on Wednesday as optimism that more Chinese steel mills would restart as demand picks up. Employment data was released earlier showing a loss of 6.6k jobs vs estimates of a 10k gain, while the employment rate fell to 3.8% in March from 3.9% in Feb. The ASX200 is up 0.35% today down 0.15% post job data.
• Elsewhere in SEA, New Zealand Equities are down 0.50% after earlier testing the 100-day EMA at 11,750, Philippines equities are 0.50% while Malaysian equities are unchanged.