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Equities Mixed, Hawkish RBNZ leave Rates Unchanged, FOMC Tonight

ASIA STOCKS
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Asia markets have opened mixed today, chip related names are slightly weaker as investors sit on the sidelines ahead of Nvidia's earnings, the Philadelphia semiconductor index was down 0.3% on Tuesday. Today the focus has been on the RBNZ who left rates unchanged which was widely expected, however were more hawkish the markets were expecting, later today we have the BI rate decision who are also expected to keep rates on hold, while the FOMC minutes will be a focus later tonight.

  • Japanese equities have opened slightly lower today 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 0.45%, while the Nikkei 225 is faring slightly worse due to the higher concentration of tech stocks, down 0.50%.
  • South Korean equities are slightly higher today. 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. The Kospi is trading up 0.21%, while the small-cap Kosdaq is up 0.27%.
  • Taiwan equities are higher today, local semiconductor names are leading the way and have largely ignore moves lower by the Philadelphia SE Semiconductor Index. Later today we have the unemployment rate due out which is expected to be unchanged at 3.40%. The Taiex is up 0.65%.
  • Australian equities are higher today, lifted by gains in the mining and financial sectors. There is little in the way of local market headlines with the gains largely just tracking the US markets. the ASX is up 0.20%
  • Elsewhere in SEA, New Zealand equities are up 0.60%, however off about 0.20% post the hawkish RBNZ, Indonesian equities are up 0.54% ahead of BI later today, Malaysian equities are down 0.33% and Philippines equities are down 0.40%
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Asia markets have opened mixed today, chip related names are slightly weaker as investors sit on the sidelines ahead of Nvidia's earnings, the Philadelphia semiconductor index was down 0.3% on Tuesday. Today the focus has been on the RBNZ who left rates unchanged which was widely expected, however were more hawkish the markets were expecting, later today we have the BI rate decision who are also expected to keep rates on hold, while the FOMC minutes will be a focus later tonight.

  • Japanese equities have opened slightly lower today 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 0.45%, while the Nikkei 225 is faring slightly worse due to the higher concentration of tech stocks, down 0.50%.
  • South Korean equities are slightly higher today. 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. The Kospi is trading up 0.21%, while the small-cap Kosdaq is up 0.27%.
  • Taiwan equities are higher today, local semiconductor names are leading the way and have largely ignore moves lower by the Philadelphia SE Semiconductor Index. Later today we have the unemployment rate due out which is expected to be unchanged at 3.40%. The Taiex is up 0.65%.
  • Australian equities are higher today, lifted by gains in the mining and financial sectors. There is little in the way of local market headlines with the gains largely just tracking the US markets. the ASX is up 0.20%
  • Elsewhere in SEA, New Zealand equities are up 0.60%, however off about 0.20% post the hawkish RBNZ, Indonesian equities are up 0.54% ahead of BI later today, Malaysian equities are down 0.33% and Philippines equities are down 0.40%