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Regional Asia Equities Lower As US PPI Weighs on Market

ASIA STOCKS
Energy BulletsCommodities

Regional Asian equities are mostly lower today with the exception of Japan's Topix after stronger-than-expected US PPI data on Thursday weakened the chances of a US rate cut. Equities are on track for their first weekly loss in almost two months with the MSCI Asia Pacific Index down as much as 0.90% taking the weekly loss to 1.70%, with tech stocks the biggest drag. Japan awaits the Rengo group wage results due out at around 4.15pm local time, while foreign investors dump SK equities.

  • Japanese equities are mixed today, with the market eagerly awaiting the Rengo wage results to be released later today. Our onshore analyst stated the results should be out around 2 pm local time, while Bloomberg notes that Rengo will be holding a meeting at 4:15 pm local time. It is expected the results will far outpace the 3.8% increase from last year, which itself was the biggest in 30 years. A significant increase above last year's increase could signal an end to negative rates. The Nikkei 225 is down 0.48%, while the Topix is outperforming up 0.26%
  • South Korea equities have are lower today and have marked the largest drop in more than two weeks. Foreign investors look to be selling today, with -$511m in outflows so far today mostly coming from tech stocks. Samsung C&T is down 9.70% after its largest shareholder voted against the activist investor to increase dividends. The Kospi is down 1.65%.
  • Taiwan equities are lower today after the Philadelphia Stock Exchange Semiconductor Index finished down 1.75% on Thursday. Elsewhere, Hon Hai surges 8% after AI hardware sales boost earnings, while analysts warned TSMC recent run had gone too far too fast, with the stock off 2.42%. The Taiex is down 0.74%
  • Australian equities are again lower after financials took another beating following a downgrade by Macquarie on Thursday, while miners are the worst-performing sector today after US data weakened the chances of a rate cut by the Fed. The ASX200 was down 1.60% at one point before closing down 0.80%
  • Elsewhere in SEA, New Zealand equities are down 0.35%. Reuters reported earlier that NZ warns of 'significantly slower' growth over the next few years, while the NZD is the worst-performing G10 currency. The US PPI data overnight is weighing on EM equities today with Singapore equities down 0.27%, PSEi is down 1.30%, SET down 0.30%, JCI down 0.90% and Nifty 50 down 0.70%
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Regional Asian equities are mostly lower today with the exception of Japan's Topix after stronger-than-expected US PPI data on Thursday weakened the chances of a US rate cut. Equities are on track for their first weekly loss in almost two months with the MSCI Asia Pacific Index down as much as 0.90% taking the weekly loss to 1.70%, with tech stocks the biggest drag. Japan awaits the Rengo group wage results due out at around 4.15pm local time, while foreign investors dump SK equities.

  • Japanese equities are mixed today, with the market eagerly awaiting the Rengo wage results to be released later today. Our onshore analyst stated the results should be out around 2 pm local time, while Bloomberg notes that Rengo will be holding a meeting at 4:15 pm local time. It is expected the results will far outpace the 3.8% increase from last year, which itself was the biggest in 30 years. A significant increase above last year's increase could signal an end to negative rates. The Nikkei 225 is down 0.48%, while the Topix is outperforming up 0.26%
  • South Korea equities have are lower today and have marked the largest drop in more than two weeks. Foreign investors look to be selling today, with -$511m in outflows so far today mostly coming from tech stocks. Samsung C&T is down 9.70% after its largest shareholder voted against the activist investor to increase dividends. The Kospi is down 1.65%.
  • Taiwan equities are lower today after the Philadelphia Stock Exchange Semiconductor Index finished down 1.75% on Thursday. Elsewhere, Hon Hai surges 8% after AI hardware sales boost earnings, while analysts warned TSMC recent run had gone too far too fast, with the stock off 2.42%. The Taiex is down 0.74%
  • Australian equities are again lower after financials took another beating following a downgrade by Macquarie on Thursday, while miners are the worst-performing sector today after US data weakened the chances of a rate cut by the Fed. The ASX200 was down 1.60% at one point before closing down 0.80%
  • Elsewhere in SEA, New Zealand equities are down 0.35%. Reuters reported earlier that NZ warns of 'significantly slower' growth over the next few years, while the NZD is the worst-performing G10 currency. The US PPI data overnight is weighing on EM equities today with Singapore equities down 0.27%, PSEi is down 1.30%, SET down 0.30%, JCI down 0.90% and Nifty 50 down 0.70%