Wednesday, May 31, 2023
HomeUncategorizedAsian shares: NZX 50 down 1.0%, markets mixed, yields firmer

Asian shares: NZX 50 down 1.0%, markets mixed, yields firmer

  • Asian shares mixed in trade outside New Zealand as traders await more clues from China, track Wall Street inaction .
  • U.S. 10-year Treasury yield hits monthly high amid recession fears, hawkish Fed speech.
  • RBNZ’s Orr, mixed trade figures for July weighed on the NZX by 50.
Asia Pacific markets were mixed, excluding New Zealand, as Traders await more clues against the latest recessionary woes. In addition, rumours of impending stimulus measures from China and weaker oil prices also kept traders on the sidelines.

That said, stocks outside of the MSCI Asia Pacific Index were last down 0.05%, while Japan’s Nikkei 225 was at 28,945 Nearby still hesitant. Notably, New Zealand’s benchmark NZX 50 fell nearly 1.0% as the Reserve Bank of New Zealand (RBNZ) governor hinted at further rate hikes, while July trade data failed to impress buyers.

Also, WTI crude remained pressured at session lows as concerns over an economic slowdown weighed on energy benchmarks Point near $89.60. A stronger dollar is also putting downward pressure on black gold. , down 0.17% at the latest intraday. Additionally, the U.S. 10-year Treasury yield fell to 2.91% at press time from its monthly high the previous day, up three basis points (bps) at press time.

Reuters said in describing the performance of the broader market, Chinese blue chips were flat, while South Korea fell 0.5%. “The threat of rising borrowing costs hangs over the market as no fewer than four Fed officials say there is more work to be done on interest rates, the only difference being the pace of rate increases and rates,” the source added.

It is worth noting that the lack of significant data/events also seems to limit the ability of Asia Pacific stock traders to move the market. In addition, investors awaiting more action from the People’s Bank of China (PBOC) and next week’s Jackson Hole meeting also challenged recent investors.

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