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Regional Asia Equities Higher On Robust Data

ASIA STOCKS
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Asian equities are higher today, driven by a combination of positive signals from US, Japan & Australia, while China data was somewhat mixed. Chinese equities rose after retail sales slightly beat expectations and home prices showed signs of stabilization, suggesting some momentum in the country's economic recovery, although traders have reported gains could be linked to China's National Team stepping back into the market. Japanese stocks also gained on better-than-expected GDP growth and relief from U.S. inflation data, which reinforced expectations of a Fed rate cut, while Australia had strong employment data with the participation rate hitting record highs.

  • Japanese stocks led gains in Asia following better-than-expected economic growth data and in-line U.S. inflation figures, which eased market jitters. However, political uncertainty remains after Prime Minister Kishida announced he would not seek re-election. Banks stocks are the top performing today with the TOPIX Bank Index up 3.5%, beating the wider TOPIX which is 0.80% higher, while the Nikkei 225 is 0.80% higher.
  • Chinese equities are higher today with the CSI 300 Index rising 1.2%, driven by improved consumer spending and a narrower decline in home prices, suggesting a potential stabilization in the economy. Traders are skeptical after the jump in volumes in some onshore ETFs, typically linked to the China National team are what's supporting markets today, as per BBG. In Hong Kong, the China Enterprises Index jumped 0.60%, while the HSI is 0.36% higher. Despite the positive data, challenges remain, such as a 5.2% jobless rate and weak demand in the steel sector, which may continue to impact market sentiment.
  • Taiwan equities are back to underperforming regional Asian equities with the Taiex down 0.10%. TSMC has erased earlier losses and trades up 0.20% with earlier weakness linked to the Philadelphia SE Semiconductor Index which fell 0.18% overnight, while Hon Hai is down 1.60% following mixed 2Q earnings released yesterday.
  • South Korean markets are closed for Liberation day, Samsung closed 1.65% higher in London trading overnight.
  • Australian equities are slightly higher today but off earlier highs after strong jobs data suggests the RBA will likely keep rates on hold. Employment surged by 58,200 in July, driven by full-time jobs, though the unemployment rate edged up due to a record-high participation rate. The tight labor market conditions reinforce the RBA's stance that it is too early to consider easing, the ASX200 is 0.20% higher. In New Zealand, food prices rose 0.4% in July, down from a 1% rise in June, the NZX 50 is 0.30% higher.
  • Asia EM equities are mixed today, Thailand SET is down 0.80% with the THB falling 0.70% at one point although it has recovered to trade down 0.35% now following Thai Constitutional Court’s decision on Wednesday to remove Prime Minister Srettha Thavisin from his position after being found guilty of an ethic violation. Indonesia's JCI is down 0.45%, Singapore's Strait Times is 0.75% higher, Philippine's PSEi is 0.20% higher while Malaysia's KLCI is down 0.15%
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Asian equities are higher today, driven by a combination of positive signals from US, Japan & Australia, while China data was somewhat mixed. Chinese equities rose after retail sales slightly beat expectations and home prices showed signs of stabilization, suggesting some momentum in the country's economic recovery, although traders have reported gains could be linked to China's National Team stepping back into the market. Japanese stocks also gained on better-than-expected GDP growth and relief from U.S. inflation data, which reinforced expectations of a Fed rate cut, while Australia had strong employment data with the participation rate hitting record highs.

  • Japanese stocks led gains in Asia following better-than-expected economic growth data and in-line U.S. inflation figures, which eased market jitters. However, political uncertainty remains after Prime Minister Kishida announced he would not seek re-election. Banks stocks are the top performing today with the TOPIX Bank Index up 3.5%, beating the wider TOPIX which is 0.80% higher, while the Nikkei 225 is 0.80% higher.
  • Chinese equities are higher today with the CSI 300 Index rising 1.2%, driven by improved consumer spending and a narrower decline in home prices, suggesting a potential stabilization in the economy. Traders are skeptical after the jump in volumes in some onshore ETFs, typically linked to the China National team are what's supporting markets today, as per BBG. In Hong Kong, the China Enterprises Index jumped 0.60%, while the HSI is 0.36% higher. Despite the positive data, challenges remain, such as a 5.2% jobless rate and weak demand in the steel sector, which may continue to impact market sentiment.
  • Taiwan equities are back to underperforming regional Asian equities with the Taiex down 0.10%. TSMC has erased earlier losses and trades up 0.20% with earlier weakness linked to the Philadelphia SE Semiconductor Index which fell 0.18% overnight, while Hon Hai is down 1.60% following mixed 2Q earnings released yesterday.
  • South Korean markets are closed for Liberation day, Samsung closed 1.65% higher in London trading overnight.
  • Australian equities are slightly higher today but off earlier highs after strong jobs data suggests the RBA will likely keep rates on hold. Employment surged by 58,200 in July, driven by full-time jobs, though the unemployment rate edged up due to a record-high participation rate. The tight labor market conditions reinforce the RBA's stance that it is too early to consider easing, the ASX200 is 0.20% higher. In New Zealand, food prices rose 0.4% in July, down from a 1% rise in June, the NZX 50 is 0.30% higher.
  • Asia EM equities are mixed today, Thailand SET is down 0.80% with the THB falling 0.70% at one point although it has recovered to trade down 0.35% now following Thai Constitutional Court’s decision on Wednesday to remove Prime Minister Srettha Thavisin from his position after being found guilty of an ethic violation. Indonesia's JCI is down 0.45%, Singapore's Strait Times is 0.75% higher, Philippine's PSEi is 0.20% higher while Malaysia's KLCI is down 0.15%