May 22, 2024 05:00 GMT
Equities Mixed Ahead of Nvidia Earnings And FOMC Minutes
ASIA STOCKS
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Asia markets have traded mixed today, while ranges have been tight. Stocks in Japan are lower as yields tick higher, yen ticked lower and some investors await Nvidia's earnings, while elsewhere in the region markets are higher with Taiwan's chip related stocks in particular TSMC performing the best. Today, we had Fed official speaking earlier this morning where they reiterated their higher for longer message, the RBNZ left rates unchanged which was widely expected, however they were more hawkish than the markets were expecting. Later today we have the BI rate decision who are also expected to keep rates on hold and the FOMC minutes will be a focus later tonight.
- Japanese equities have opened slightly lower today, and have remained rangebound since as investors await results from Nvidia and the minutes from the FOMC meeting. Earlier, Trade balance data show the deficit has increased to -¥462.5b from a revised ¥387.0b, exports increased to 8.3% from 7.3% in March, while imports increased to 8.3% from a revised -5.1% in March, core machine orders beat estimates coming in at 2.9% m/m vs -2.0% m/m. The Topix is down 0.57%, while the Nikkei 225 is faring slightly worse due to the higher concentration of tech stocks, down 0.69%.
- South Korean equities are off earlier highs and now trade unchanged for the day. Earlier, PPI was 1.8% y/y in Apr, up from a revised 1.5% y/y in March, while both business surveys increased with manufacturing rising to 76 from 74, and non-manufacturing rising to 72 from 71.
- Taiwan equities are are the top performing in the region today, led higher by TSMC in a sign markets may be expecting positive results out from Nvidia. Later today we have the unemployment rate due out which is expected to be unchanged at 3.40%. The Taiex is up 1.35%.
- Australian equities are little changed today and off earlier highs Australian related chicken stocks have fallen after the agriculture department said they are investigating an incident of bird flu. Gains in Financials & materials are being offset by losses in Consumer discretionary and Communications, with the ASX200 now unchanged.
- Elsewhere in SEA, New Zealand equities closed up 0.20%, however off about 0.40% post the hawkish RBNZ, Indonesian equities are up 0.68% ahead of BI later today,Indian equities are up 0.15% and Philippines equities are down 0.47%
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