Asian Markets A Mixed Bag

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Asian stock markets have a mixed day

Buyers couldn’t help themselves on Wall Street overnight as both the Nasdaq and S&P 500 shoulders of inflation data picked up some of their losses overnight, helped by a rebound low in 30-year yields, flattening the yield curve. The S&P 500 rose 0.23% while Nasdaq finished 0.44% higher. The Dow Jones was loaded by retail names but finished just 0.03% lower. In Asia, futures climbed again, Dow and S&P futures rose 0.30%, with Nasdaq futures up 0.15% higher.

With the US holiday, Asian markets were left to their own devices leading to a very mixed day across the region. The Nikkei 225 climbed 0.75% following Wall Street, while the Kospi is 0.40% lower after a BoK exchange rate and hawkish comments later from the BOK Governor.

In China, the Shanghai Composite is flat while further bans by U.S. technology companies see the CSI 300 fall by 0.30%. Hong Kong is remarkably quiet, the Hang Seng is up just 0.10% today.

ASEAN markets are equally mixed. Singapore has a quiet day, down 0.15%. The city-state is rapidly reopening its economy internationally and recovering domestic demand should surpass the export sector in Q1 2022. The Singapore / Malaysia partial reopening of the land border on 29 November is just one example. The Singapore Monetary Authority has begun tightening monetary policy through the NEER. The MAS is likely to remain robust at its next policy decision in Q2 of 2022.

Kuala Lumpur is down 0.15% and Taipei is up just 0.10%. Jakarta climbed 0.55% higher while Bangkok is flat and Manila is 0.65% lower. Australian markets are content to mark time while the side price action continues this week. Both the ASX 200 and All Ordinaries crawl 0.10% higher.

With U.S. holiday weakening performance today, European markets are likely to struggle again, as perhaps wider virus restrictions across the continent continue to weaken sentiment.

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