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Equities Mixed, Tech Higher After Strong Earnings, BoJ Unchanged

ASIA STOCKS
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Asian markets are mixed today due to concerns about stagflation in the US economy, which expanded at its slowest rate in nearly two years while inflation surged. Wall Street initially saw a sharp decline in shares after official data revealed that US GDP growth in the first quarter was below expectations at 1.6%, compared to forecasts of 2.5%, although strong earnings from US tech names after hours caused a rally in US futures and have helped most local markets. Locally, major focus was on the BoJ where they kept rates on hold, the Yen continues to make new lows now trading above 156 vs the USD, Australia had PPI which increased from the last quarter, NZ consumer confidence fell to 82.1 from 86.4, while Japan's Tokyo CPI missed forecasts coming in at 1.8% vs 2.5% and well down from March numbers of 2.6%.

  • Japanese equities gapped higher after BoJ rate decision while earlier the year-on-year rise in the Tokyo core inflation rate decelerated to 1.6% in April from March's 2.4% for the second straight slow down, below 2% for the first time in three months and lower than the market's 2.2% expectation, data from the Ministry of Internal Affairs and Communications showed on Friday. Both the Topix and Nikkei 225 are up about 0.70% for the day.
  • South Korean equities are higher, with tech stocks leading the way. The Kospi is up about 1.10% and is now testing the 20 & 50-day EMA at 2660.
  • Taiwan equities are higher today, after US tech stocks rallied post the close on strong earnings from Alphabet and Microsoft. The Taiex is up 1.60%
  • Australian equities are lower today, returning from a break yesterday and is the worst performing market in the region after not benefitting from the tech rally post the US market close. All sectors are lower with miners the worst performing sector, BHP has contributed the most to the fall after proposing to buy rival Anglo American, the ASX200 is down 1.23%.
  • Elsewhere in SEA, New Zealand Equities are down 1% after consumer confidence fell to an 11 month low, Indonesia equities are down 0.50%, Thailand, Malaysia and Philippines equity markets are unchanged for the day.
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Asian markets are mixed today due to concerns about stagflation in the US economy, which expanded at its slowest rate in nearly two years while inflation surged. Wall Street initially saw a sharp decline in shares after official data revealed that US GDP growth in the first quarter was below expectations at 1.6%, compared to forecasts of 2.5%, although strong earnings from US tech names after hours caused a rally in US futures and have helped most local markets. Locally, major focus was on the BoJ where they kept rates on hold, the Yen continues to make new lows now trading above 156 vs the USD, Australia had PPI which increased from the last quarter, NZ consumer confidence fell to 82.1 from 86.4, while Japan's Tokyo CPI missed forecasts coming in at 1.8% vs 2.5% and well down from March numbers of 2.6%.

  • Japanese equities gapped higher after BoJ rate decision while earlier the year-on-year rise in the Tokyo core inflation rate decelerated to 1.6% in April from March's 2.4% for the second straight slow down, below 2% for the first time in three months and lower than the market's 2.2% expectation, data from the Ministry of Internal Affairs and Communications showed on Friday. Both the Topix and Nikkei 225 are up about 0.70% for the day.
  • South Korean equities are higher, with tech stocks leading the way. The Kospi is up about 1.10% and is now testing the 20 & 50-day EMA at 2660.
  • Taiwan equities are higher today, after US tech stocks rallied post the close on strong earnings from Alphabet and Microsoft. The Taiex is up 1.60%
  • Australian equities are lower today, returning from a break yesterday and is the worst performing market in the region after not benefitting from the tech rally post the US market close. All sectors are lower with miners the worst performing sector, BHP has contributed the most to the fall after proposing to buy rival Anglo American, the ASX200 is down 1.23%.
  • Elsewhere in SEA, New Zealand Equities are down 1% after consumer confidence fell to an 11 month low, Indonesia equities are down 0.50%, Thailand, Malaysia and Philippines equity markets are unchanged for the day.