Asian markets mixed
Wall Street had a mixed night overnight, even as US yields tracked lower. The dearth of data releases globally continued although the second-tier data from the US continued to be positive. The Case-Shiller House Price Index and US House Price Index releases rose as expected, while the Redbook activity report rose to 21.40% for December YoY, and the Richmond Fed Manufacturing Index and Dallas Fed Services Index both beat expectations.
Investors in big-tech trimmed long positions and it looked for all money like a defensive rotation from growth into value as the Nasdaq fell, while the Dow Jones gained. The S&P 500 was almost unchanged, rising just 0.10%. The Nasdaq fell by 0.56%, while the Dow Jones rose by 0.26%. In Asia, that trend has continued with Dow futures rising another 0.27%, with the S&P unchanged and Nasdaq futures falling 0.15%.
That has led to a North Asia ASEAN split today, with more tech-centric North Asia markets retreating, while ASEAN has moved higher. The Nikkei 225 and South Korean Kospi have dropped by 0.85%. Mainland China is under pressure, the Shanghai Composite easing 0.55% while the CSI 300 has retreated 1.0% lower. Hong Kong has followed them South, falling 0.65%.
Singapore has risen by 0.30% today, with Taipei jumping 0.80% higher, bucking the tech trend lower. Jakarta and Kuala Lumpur are unchanged with, Bangkok rallying by 0.15%, while Manila is 0.40% lower. Australian markets are full of optimism today, led by, you guessed it, banks, and resources. The ASX 200 and All Ordinaries have rallied by 1.15%.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.