Walmart pushes Asia slightly lower

Asian equity markets are slightly softer after Walmart results

US markets had a mixed session overnight, with the S&P 500 and Dow Jones booking small gains while the Nasdaq fell. Overall, the picture was of continued range-trading, and investors positioning themselves for the earnings run this week, as well as the FOMC. In the Nasdaq’s case, it looked like some trimming of positions ahead of the big-tech earnings releases starting today. The S&P 500 edged 0.10% higher, the Nasdaq fell by 0.43%, and the Dow Jones rose by 0.28%.

The Walmart results also saw Amazon and Target stocks get a beating by association and re-energised recession nerves. That sees US futures falling in Asia. S&P 500 futures are 0.35% lower, Nasdaq futures are down by 0.25%, and Dow futures have fallen by 0.45%. That sentiment has carried over into Asian markets today, which are also having a modestly mixed day, erring towards the downside.

Japan’s Nikkei 225 has fallen by 0.20%, while South Korea’s Kospi has risen by 0.35% after strong GDP data. In China, the Shanghai Composite has edged 0.05% lower, with the CSI 300 adding 0.15% and Hong Kong gaining 0.40%.

Singapore is 0.25% higher, but Taipei has slipped 0.50% lower, and Jakarta and Kuala Lumpur have fallen by 0.40%. Manila and Bangkok have edged 0.25% higher. In Australia, markets are treading water. The All Ordinaries is down 0.10%, with the ASX 200 unchanged.

It doesn’t look like the Asia session will be one to set the world on fire today, especially with a light data calendar. The natural gas situation in Europe means that European equities will struggle to replicate yesterday’s gains. US markets will come down to the Microsoft and Alphabet results with a dash of data for seasoning. I won’t even bother to speculate what the soup will taste like.

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