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Asian Equities Push Higher Post FOMC, Tech Surges

ASIA STOCKS
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Regional Asian equities are higher today, reacting positively to the Fed Reserve's policy decision maintaining its outlook for three rate cuts this year. It's been a busy morning on the data front, with NZ GDP, Japan Trade Balance & PMI, Australia Employment Data, and South Korea Import/Export Data. Tech stocks are surging higher as a dovish FOMC and strong revenue forecast from Micron Technology help push stocks higher.

  • Japan is back from their public holiday on Wednesday, and equities are surging higher up. The yen cheapened on Wednesday and with equites closed they are now playing catching up, exporters, especially autos are trading well with the lower yen, while data out earlier showed exports growing at 7.8% in Feb vs 5.1% expected marking the third straight month of growth. The Nikkei 225 is up 1.96% lead by Consumer Discretionary and Tech stocks, the Topix Bank Index is up 2.86% while the wider Topix Index is 1.58% higher
  • South Korean trade data was out earlier showing exports had risen 11.2% in March up from -7.8% in Jan, while imports were -6.3% vs -19.2% in Jan. The Kospi is up 2.33% and now back at the highest levels in almost 2 years. Chip stocks are surging after Micron Technology surged overnight after giving a strong revenue forecast, while the FOMC decision was in line with expectations helping tech stocks.
  • Taiwanese equities are also benefiting from the FOMC meeting and high global Chip stocks, the Taiex is up 1.93%. Late on Wednesday Taiwan Export orders missed expectations coming in at -10.4% vs 1.2% expected, export to China and the US were the biggest detractors although some of that can be put down to LNY, while more importantly to Taiwan demand for new tech applications continued to rise, offsetting part of the overall decreases.
  • Australian equities closed up 1% today after employment data showed a massive beat verses expectation coming in at 116.5k vs 40k, with 78.2k of that in full-time work. Financials are the top-performing sector, while healthcare drags. The ASX200 %
  • Elsewhere in SEA, New Zealand GDP missed, coming in at -0.3% vs 0.0% expected, equities are up 0.70%, while EM Asian equities surge higher on a dovish FOMC, Singapore Equities are up 1.10%, PSEi up 0.86%, Nifity 50 up 1%, Thailand equities have two their two largest days of net foreign sellers in what now seems likely that a Institutional Fund has left the market and a domestic accounts have easily absorbed the size as the SET trades up 1.00%, while Malaysian equities lag the market somewhat up just 0.24%
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Regional Asian equities are higher today, reacting positively to the Fed Reserve's policy decision maintaining its outlook for three rate cuts this year. It's been a busy morning on the data front, with NZ GDP, Japan Trade Balance & PMI, Australia Employment Data, and South Korea Import/Export Data. Tech stocks are surging higher as a dovish FOMC and strong revenue forecast from Micron Technology help push stocks higher.

  • Japan is back from their public holiday on Wednesday, and equities are surging higher up. The yen cheapened on Wednesday and with equites closed they are now playing catching up, exporters, especially autos are trading well with the lower yen, while data out earlier showed exports growing at 7.8% in Feb vs 5.1% expected marking the third straight month of growth. The Nikkei 225 is up 1.96% lead by Consumer Discretionary and Tech stocks, the Topix Bank Index is up 2.86% while the wider Topix Index is 1.58% higher
  • South Korean trade data was out earlier showing exports had risen 11.2% in March up from -7.8% in Jan, while imports were -6.3% vs -19.2% in Jan. The Kospi is up 2.33% and now back at the highest levels in almost 2 years. Chip stocks are surging after Micron Technology surged overnight after giving a strong revenue forecast, while the FOMC decision was in line with expectations helping tech stocks.
  • Taiwanese equities are also benefiting from the FOMC meeting and high global Chip stocks, the Taiex is up 1.93%. Late on Wednesday Taiwan Export orders missed expectations coming in at -10.4% vs 1.2% expected, export to China and the US were the biggest detractors although some of that can be put down to LNY, while more importantly to Taiwan demand for new tech applications continued to rise, offsetting part of the overall decreases.
  • Australian equities closed up 1% today after employment data showed a massive beat verses expectation coming in at 116.5k vs 40k, with 78.2k of that in full-time work. Financials are the top-performing sector, while healthcare drags. The ASX200 %
  • Elsewhere in SEA, New Zealand GDP missed, coming in at -0.3% vs 0.0% expected, equities are up 0.70%, while EM Asian equities surge higher on a dovish FOMC, Singapore Equities are up 1.10%, PSEi up 0.86%, Nifity 50 up 1%, Thailand equities have two their two largest days of net foreign sellers in what now seems likely that a Institutional Fund has left the market and a domestic accounts have easily absorbed the size as the SET trades up 1.00%, while Malaysian equities lag the market somewhat up just 0.24%