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Asian Equities Mixed, Trumps Odds Increase

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 Trump at a 68% chance on winning the elections. 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.

  • 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 0.75% higher, while the Nikkei is up 0.50%
  • South Korean stocks are lower today, small-cap stocks are not faring too well with the Kosdaq down 1.65%, while the Kospi is down 0.12%. 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 are higher today as semiconductor names are contributing most to the gains, with the Taiex up 0.82%
  • 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 0.25% and back below 8,000.
  • Elsewhere, New Zealand equities are little changed, Malaysian equities are 0.1% higher, Philippines equities are 0.40% higher, while Singapore equities are down 0.45% and Indonesia equities are down 0.10%
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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 Trump at a 68% chance on winning the elections. 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.

  • 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 0.75% higher, while the Nikkei is up 0.50%
  • South Korean stocks are lower today, small-cap stocks are not faring too well with the Kosdaq down 1.65%, while the Kospi is down 0.12%. 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 are higher today as semiconductor names are contributing most to the gains, with the Taiex up 0.82%
  • 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 0.25% and back below 8,000.
  • Elsewhere, New Zealand equities are little changed, Malaysian equities are 0.1% higher, Philippines equities are 0.40% higher, while Singapore equities are down 0.45% and Indonesia equities are down 0.10%