Equities Mixed, Japan Banks Outperform on Higher CPI, Eyes On NPC

Regional Asian Equities are mixed today. The focus in the Asia region today has been on the NPC meeting in Shanghai, however there have been some economic data out regionally with Tokyo CPI increasing to 2.6% vs 2.5% expected up from 1.60% in Jan, while SK 4Q GDP inline with expectations at 2.2% and Australia BoP Current Account Balance was A$11.8b vs A$5.0b expected.

• Japan equities opened lower but have pushed higher since mid morning, Tokyo CPI increased more than expected and has helped Banking stocks today with the Topix Banks Index up 1.37%, while construction names push higher after general contractor Obayashi's surprise plan to hike its ROE and dividend targets with the TOPIX up 0.60%. The Nikkei 225 is back above 40,000 and up 0.20% after breaking back below earlier, tech stocks are leading the move higher.
• South Korean equities are lower today, giving back some of the gains made yesterday, after researchers behind LK-99 claimed to have synthesized a new material showing superconducting behavior at room temperature. GDP data was out earlier and was in line with expectations, while Monday saw a $743m of equities inflows the highest since Feb 2. The Kospi is down 0.50%
• Taiwan Equities are higher today as TSMC again leads the way higher up 1.20%. Taiwan saw $1.15b of foreign equity inflows on Monday, the Taiex is up 0.60%.
• Australian equities closed down 0.15%, with financials and consumer discretionary stocks are weighing on performance. The market will be closely watching the NPC meeting for signs of a push to boost demand for Australia's natural resources.
• Elsewhere in SEA, most markets are trading lower with the expectation of New Zealand closing up 0.25% while Malaysia down 1.00%, Indonesia down 0.30%, Singapore down 0.35% and India down 0.50%