Asian equities are mixed today

Wall Street rebounds but Asia mixed

It is another mixed day for Asian equities after US markets snapped a three-day losing streak overnight. With US inflation printing on target overnight, US long-dated yields fell with the US dollar, flushing out the buy-the-dip crowd and sending US stocks higher, notably in the technology growth space. The S&P 500 rose by 0.30%, the Nasdaq rose by 0.73% while the Dow Jones lagged, finishing just 0.01% higher. US index futures in Asia have continued rallying, with all three indexes climbing by around 0.35%.

That has lifted sentiment in most of Asia, with Japan markets buoyed by dovish comments from a BOJ official. The Nikkei 225 has jumped 1.34% higher with the Kospi rallying by 1.15%. China is a laggard today after a record high print in PPI stoked supply chain concerns and the PBOC only rolled over CNY 10 bio of CNY 100 bio in maturing repos today, despite setting a weaker yuan fixing. The Shanghai Composite is just 0.15% higher, but the narrower Shanghai 50 has fallen by 0.65%, while the CSI 300 has dropped by 0.30%. Hong Kong markets are closed for a public holiday.

Across the rest of Asia, markets are trading positively though. Singapore had shrugged off an unexpected MAS tightening to rise by 0.25%. Kuala Lumpur has edged 0.50% higher on profit-taking after energy prices traded sideways again overnight. Jakarta though has jumped 1.45% with Bangkok rising by 0.50%. Both continue to receive tourism reopening tailwinds.

A rise in natural gas, iron ore and copper futures today has given an additional boost to Australian markets, which were happily piggy-backing the US rally overnight. A rise in full-time employment this morning, and expectations of a reopening rebound, also lifting confidence. The ASX 200 is 0.95% higher, while the All Ordinaries has rallied by 1.15%.

European stock markets should open higher this morning following a decent performance by US and Asian markets, and a lack of market-moving headlines. Whether this proves to be a dead cat bounce for equities will depend on momentum being maintained in US markets. I am doubtful given the inflation indicators pouring in from around the world now and strong indications that the Fed taper will start as early as November.

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Jeffrey Halley

Jeffrey Halley

Senior Market Analyst, Asia Pacific, from 2016 to August 2022
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley was OANDA’s Senior Market Analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV and Channel News Asia as well as in leading print publications such as The New York Times and The Wall Street Journal, among others. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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