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Asian Equities Mixed, Tech Higher After Strong Earnings, BoJ Shortly

ASIA STOCKS
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Asian markets are mixed today due to concerns about stagflation in the US economy, which expanded at its slowest rate in nearly two years while inflation surged. Wall Street initially saw a sharp decline in shares after official data revealed that US GDP growth in the first quarter was below expectations at 1.6%, compared to forecasts of 2.5%, although strong earnings from US tech names after hours caused a rally in US futures. Locally, major focus is on the BoJ when they release their policy statement and Australia PPI data is also due out, earlier NZ consumer confidence fell to 82.1 from 86.4, while Japan's Tokyo CPI missed forecasts coming in at 1.8% vs 2.5% and well down from March numbers of 2.6%.

  • Japanese equities are mixed today, as markets digest Tokyo CPI data and wait for the BoJ policy statement due out a bit later. The year-on-year rise in the Tokyo core inflation rate decelerated to 1.6% in April from March's 2.4% for the second straight slow down, below 2% for the first time in three months and lower than the market's 2.2% expectation, data from the Ministry of Internal Affairs and Communications showed on Friday. The Topix is down 0.10%, while the Nikkei 225 is unchanged for the day.
  • South Korean equities are higher, with tech stocks leading the way. The Kospi is up about 1% and is now testing the 20 & 50-day EMA at 2660.
  • Taiwan equities are higher today, after US tech stocks rallied post the close on strong earnings from Alphabet and Microsoft. The Taiex is up 1.20%
  • Australian equities are lower today, returning from a break yesterday. All sectors are lower with miners the worst performing sector, BHP has contributed the most to the fall after proposing to buy rival Anglo American, the ASX200 is down 1.20% with PPI data expected shortly.
  • Elsewhere in SEA, New Zealand Equities are down 0.40% after consumer confidence fell to an 11 month low, Singapore & Malaysian Equities are down about 0.10%.
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Asian markets are mixed today due to concerns about stagflation in the US economy, which expanded at its slowest rate in nearly two years while inflation surged. Wall Street initially saw a sharp decline in shares after official data revealed that US GDP growth in the first quarter was below expectations at 1.6%, compared to forecasts of 2.5%, although strong earnings from US tech names after hours caused a rally in US futures. Locally, major focus is on the BoJ when they release their policy statement and Australia PPI data is also due out, earlier NZ consumer confidence fell to 82.1 from 86.4, while Japan's Tokyo CPI missed forecasts coming in at 1.8% vs 2.5% and well down from March numbers of 2.6%.

  • Japanese equities are mixed today, as markets digest Tokyo CPI data and wait for the BoJ policy statement due out a bit later. The year-on-year rise in the Tokyo core inflation rate decelerated to 1.6% in April from March's 2.4% for the second straight slow down, below 2% for the first time in three months and lower than the market's 2.2% expectation, data from the Ministry of Internal Affairs and Communications showed on Friday. The Topix is down 0.10%, while the Nikkei 225 is unchanged for the day.
  • South Korean equities are higher, with tech stocks leading the way. The Kospi is up about 1% and is now testing the 20 & 50-day EMA at 2660.
  • Taiwan equities are higher today, after US tech stocks rallied post the close on strong earnings from Alphabet and Microsoft. The Taiex is up 1.20%
  • Australian equities are lower today, returning from a break yesterday. All sectors are lower with miners the worst performing sector, BHP has contributed the most to the fall after proposing to buy rival Anglo American, the ASX200 is down 1.20% with PPI data expected shortly.
  • Elsewhere in SEA, New Zealand Equities are down 0.40% after consumer confidence fell to an 11 month low, Singapore & Malaysian Equities are down about 0.10%.