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Regional Asian Equities Higher, Taiwan Hits All-Time Highs

EQUITIES

Regional Asian Equities are mostly higher today, with Taiwan outperforming post-break. There have been little in the way of market headlines today, apart from Indonesian Defence Minister Prabowo Subianto claiming victory in the presidential elections.

  • Japan equities are higher today after tech and exporter names push higher as the weaker yen and falling yields benefit both sectors. The Nikkei 225, has hit 3 year highs relative to the Topix on the back of strong results and performance from the tech sector, while the Topix lags largely due to an under performance in banks stocks with links to US commercial real estate exposure. Earlier today, Japan Q4 GDP was released and was weaker than expected, with the economy now in a technical recession, annualized q/q GDP fell -0.4% versus a +1.1% forecast. Q3 was also revised lower, to -3.3% (from -2.9%). Currently the Nikkei 225 is 0.% higher, while the Topix is 0.10% higher.
  • Taiwan equities surged to all-time highs on growing demand for AI tech. Taiwan Semiconductor Manufacturing Co (TSMC) leads, up 7.90% as January sales rise 7.9% YoY. Taiex trades 2.93% higher.
  • South Korea equities slightly lower as individuals and foreign investors withdrew $149m from equities markets today. There has been little in the way market headlines, potential profit-locking due to SK equities' recent out-performance in Asia could be the catalyst. The Kospi is 0.20% lower today.
  • Australia equities closed higher today up 0.77%, after the unemployment rate edged higher to 4.1% from 3.9% previously, highlighting the nations cooling labor markets and prompting bets of an earlier rate cut as traders bought forward bets of the first rate cut to September from November. Financials have led the move higher, while Wesfarmers earnings beat pushed their shares 4.67% higher.
  • Elsewhere, NZ equities closed down 0.18%, Philippines equites climb higher ahead of BSP meeting later today, while Indonesia rises by 1.57% after Defence Minister Prabowo Subianto claims victory in the presidential elections.

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