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Equities Mixed, Japan Equities Lower On Higher Yen, AU & SK GDP Miss

ASIA STOCKS

Asian equities are mixed today, Japan is the worst performing region as the yen strengthens and hurts export names, while other markets edge higher on hopes of a fed rate cut. The Philadelphia Semiconductor index was 0.70% lower overnight, although news that Nvidia is working to certify Samsung's AI memory chips has seen Samsung rally about 3% this morning and helped other region semiconductor names. Indian equity markets have stabilized after selling off over 5% on Tuesday as election results look to be much closer than expected. Earlier, SK & Australian GDP came in just below estimates.

  • Japanese equities are lower today, the yen is off overnight highs, but still 1.46% higher over the past week. Earlier, Labor Cash Earnings were 2.1% vs 1.8%, while Jibun Bank Japan PMI Composite was 52.6 vs 52.4 prior and Services were 53.8 vs 53.6. The Topix is down 1.47% and now testing the 20-day EMA support at 2,750, The Bank Index is down 2.29%, while the Nikkei 225 is down 1.12%
  • Taiwan equities have edged higher throughout the day, the local market has seen the majority of outflows in the region, with another $528m outflows on Tuesday. Looking ahead we have CPI on Thursday. The Taiex is up 0.50%.
  • South Korean equities have gained on fed rate cut expectation gains and Samsung rallying on the back of news that Nvidia is working to certify their AI memory chips. Earlier, GDP came in slightly below consensus at 3.3% vs 3.4%. The Kospi is up 1.20% and now testing the 20-day EMA resistance at 2,690, while the Kosdaq is up 0.47%.
  • Australian equities are slightly higher today, Banking stocks are the top performing sector today, while metals and mining underperform. Earlier Judo Bank PMI showed a slightly decline, with composite at 51.1 vs 52.6 prior and services 52.5 vs 53.1 prior, while GDP came in below consensus at 1.1% y/y vs 1.2% est. The ASX200 is 0.38% higher.
  • Elsewhere in SEA, New Zealand Equities are 1% higher, Singapore equities are 0.25% higher, Indonesian equities are down 1%, Philippines equities are down 0.10% after CPI came in below consensus at 3.9% vs 4% est, Malaysian equities are 0.20% lower, while Indian equities have found some support after the 5% sell-off on Tuesday and trade little changed today.

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