BRIEF: EC Approves Italy's 5th NGEU Payment Request For EUR11 billion

MNI BRIEF: ECB's Eye On French Markets, Price Stability Key

MNI BRIEF: Lower Inflation Path Remains Bumpy - Lagarde

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: 2.60% Aug-34 Bund Due Wednesday

Ita-coin Nowcast Negative For Second Month

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Asian Equities Mixed On US ISM Data, Indian Election Votes

ASIA STOCKS
Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Asian equities are mostly lower, although off morning lows. Weaker-than-expected US manufacturing data has led to concerns about a slowdown in the US economy which caused US yields to rally with the curve trading 6-11bps tighter, we have given back about 2bps of those moves during the Asian session. Stocks have struggled to gain much traction and direction today, markets seem to be awaiting more data out of the US before making a directional change, while equity flows into the region are negative for past 5 sessions. Asian currencies are mixed today, the Indian Rupee has fallen as presidential vote count suggest tighter races than expected. It has been a quiet session on the data front, earlier we had South Korean CPI and AU Current Account Balance & Company Profits.

  • Japanese equities are off earlier lows, although still trade in the red for the day. The yen edges higher on Monday as weaker US equity market weigh on sentiment although we have been grinding slightly lower throughout the Tuesday session, and now trade at 156.32 vs 155.95. Earlier we have May Monetary base come in at 0.9% vs 2.1% in April, while the yen edged a touch lower on comments from Suzuki. The Nikkei 225 is down 0.14%, while the broader Topix is down 0.20%.
  • Taiwan equities lower today, largely just tracking global peers. The largest contributor to the benchmark, TSMC is unchanged in early morning trading, underperforming moves made last night in the Philadelphia Semiconductor Index, currently the Taiex is down 0.75%, although continues holds above the 20-day EMA.
  • South Korean equities much like all other markets in the region are lower today on concerns of weaker growth in the US, while investors also look to take profit. Samsung is the largest contributor to Index moves and trades down about 0.20%. Earlier we had CPI which came in slightly below consensus at 2.7% vs 2.8% y/y, focus now turns to GDP tomorrow. The Kospi is down 0.40%, while the small cap Kosdaq is currently 0.70% higher.
  • Australian equities are little changed today, Metals and Miners are the worst performing sectors offsetting gains made in Financials and Health care stocks. Earlier, we had 1Q current account balance which sowed a deficit of A$4.9b vs A$5.2b est, while the prior month has been revised from A$11.8b to A$2.7b and Australia 1Q Company Profits was -2.5% q/q; Est. -0.9%. The ASX200 is down 0.14%.
  • Elsewhere in SEA, New Zealand Equities are 0.14% higher, Singapore equities are 0.13% lower, Philippines equities are down 1.70%, Indian equities are largely erased Monday's gains and are now trading down 2.50% as election results are counted, Indonesian equities are up 1.36% post weaker than expected CPI, while Malaysian equities are 0.70% higher.
452 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Asian equities are mostly lower, although off morning lows. Weaker-than-expected US manufacturing data has led to concerns about a slowdown in the US economy which caused US yields to rally with the curve trading 6-11bps tighter, we have given back about 2bps of those moves during the Asian session. Stocks have struggled to gain much traction and direction today, markets seem to be awaiting more data out of the US before making a directional change, while equity flows into the region are negative for past 5 sessions. Asian currencies are mixed today, the Indian Rupee has fallen as presidential vote count suggest tighter races than expected. It has been a quiet session on the data front, earlier we had South Korean CPI and AU Current Account Balance & Company Profits.

  • Japanese equities are off earlier lows, although still trade in the red for the day. The yen edges higher on Monday as weaker US equity market weigh on sentiment although we have been grinding slightly lower throughout the Tuesday session, and now trade at 156.32 vs 155.95. Earlier we have May Monetary base come in at 0.9% vs 2.1% in April, while the yen edged a touch lower on comments from Suzuki. The Nikkei 225 is down 0.14%, while the broader Topix is down 0.20%.
  • Taiwan equities lower today, largely just tracking global peers. The largest contributor to the benchmark, TSMC is unchanged in early morning trading, underperforming moves made last night in the Philadelphia Semiconductor Index, currently the Taiex is down 0.75%, although continues holds above the 20-day EMA.
  • South Korean equities much like all other markets in the region are lower today on concerns of weaker growth in the US, while investors also look to take profit. Samsung is the largest contributor to Index moves and trades down about 0.20%. Earlier we had CPI which came in slightly below consensus at 2.7% vs 2.8% y/y, focus now turns to GDP tomorrow. The Kospi is down 0.40%, while the small cap Kosdaq is currently 0.70% higher.
  • Australian equities are little changed today, Metals and Miners are the worst performing sectors offsetting gains made in Financials and Health care stocks. Earlier, we had 1Q current account balance which sowed a deficit of A$4.9b vs A$5.2b est, while the prior month has been revised from A$11.8b to A$2.7b and Australia 1Q Company Profits was -2.5% q/q; Est. -0.9%. The ASX200 is down 0.14%.
  • Elsewhere in SEA, New Zealand Equities are 0.14% higher, Singapore equities are 0.13% lower, Philippines equities are down 1.70%, Indian equities are largely erased Monday's gains and are now trading down 2.50% as election results are counted, Indonesian equities are up 1.36% post weaker than expected CPI, while Malaysian equities are 0.70% higher.