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Asian Equities On Track For Third Week Of Gains

ASIA STOCKS
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Asian markets are mostly lower today ending a 5-day winning streak, tech stocks have been the biggest detractor in the region and weak Chinese data hasn't done much to help the market. Looking back over the week the MSCI Asia Pacific is up about 2%, as markets have been aided by optimism that the Fed will start cutting rate later this year. There hasn't been much in the way of data, other than South Korean unemployment today.

  • Japan equities are mixed today, tech shares have given back some of their recent gains as investors look to book profits, while the yen is trading back above 155.50 after the BoJ left bond buying amounts unchanged, with one former BOJ chief economist suggested the central bank may raise interest rates three more times this year with the next move coming as early as June. The Topix is outperforming today up 0.32% and 0.64% for the week, while the Nikkei 225 is off 0.28% largely due to weaker tech prices, although is up 1.52% for the week.
  • South Korean equities are weaker today with the likes of Samsung off over 1%, as investors look to book profits after a strong run of late. Earlier, the unemployment rate came in at 2.8% in line with estimates, while next week we have PPI, Business Survey's and the BOK rate decision. The Kospi is down 1% today and now trade unchanged for the week.
  • Taiwan equities are lower today, after hitting new all-time-highs on Thursday. There has been little in the way of local markets new and no data out of the region this week, equities have benefitted from strong global tech prices, US imposing more tariffs on Chinese semiconductors and the market now pricing two US rate cuts heading into the year end. The Taiex is down 0.25% today, although still trade up 2.61% for the week.
  • Australian equities are lower today, after yesterday having their best session of the year. Looking back over the week, NAB business surveys were largely ignored by the market, confidence was was unchanged from march, while conditions dropped to 7 from 9, wage price index was slightly below estimates at 4.1% vs 4.2%, while employment data was mixed, showing a growth of 38.5k jobs vs 23.7k, however 44.6k were part time jobs compare to a loss of 6.1k full time jobs, the unemployment rate ticked higher to 4.1% as the participations rate increased to 66.7% from 66.6%. The ASX200 is down 0.70% for the day although trade up 1% for the week.
  • Elsewhere in SEA, New Zealand equities close the week down 0.60%, Indonesian equities are up 1.10% for the day and 3.38% for the week, Philippines equities unchanged today but up 1.71% for the week, Malaysian equities are up 0.35% today and 1% for the week and finally Indian equities are up 1.40% for the week although foreign investors have been dumping stock.
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Asian markets are mostly lower today ending a 5-day winning streak, tech stocks have been the biggest detractor in the region and weak Chinese data hasn't done much to help the market. Looking back over the week the MSCI Asia Pacific is up about 2%, as markets have been aided by optimism that the Fed will start cutting rate later this year. There hasn't been much in the way of data, other than South Korean unemployment today.

  • Japan equities are mixed today, tech shares have given back some of their recent gains as investors look to book profits, while the yen is trading back above 155.50 after the BoJ left bond buying amounts unchanged, with one former BOJ chief economist suggested the central bank may raise interest rates three more times this year with the next move coming as early as June. The Topix is outperforming today up 0.32% and 0.64% for the week, while the Nikkei 225 is off 0.28% largely due to weaker tech prices, although is up 1.52% for the week.
  • South Korean equities are weaker today with the likes of Samsung off over 1%, as investors look to book profits after a strong run of late. Earlier, the unemployment rate came in at 2.8% in line with estimates, while next week we have PPI, Business Survey's and the BOK rate decision. The Kospi is down 1% today and now trade unchanged for the week.
  • Taiwan equities are lower today, after hitting new all-time-highs on Thursday. There has been little in the way of local markets new and no data out of the region this week, equities have benefitted from strong global tech prices, US imposing more tariffs on Chinese semiconductors and the market now pricing two US rate cuts heading into the year end. The Taiex is down 0.25% today, although still trade up 2.61% for the week.
  • Australian equities are lower today, after yesterday having their best session of the year. Looking back over the week, NAB business surveys were largely ignored by the market, confidence was was unchanged from march, while conditions dropped to 7 from 9, wage price index was slightly below estimates at 4.1% vs 4.2%, while employment data was mixed, showing a growth of 38.5k jobs vs 23.7k, however 44.6k were part time jobs compare to a loss of 6.1k full time jobs, the unemployment rate ticked higher to 4.1% as the participations rate increased to 66.7% from 66.6%. The ASX200 is down 0.70% for the day although trade up 1% for the week.
  • Elsewhere in SEA, New Zealand equities close the week down 0.60%, Indonesian equities are up 1.10% for the day and 3.38% for the week, Philippines equities unchanged today but up 1.71% for the week, Malaysian equities are up 0.35% today and 1% for the week and finally Indian equities are up 1.40% for the week although foreign investors have been dumping stock.