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Asia-Pacific markets are mixed as investors are looking for direction

Asia-Pacific markets are mixed as investors are looking for direction

July 5, 2022: -On Monday, Australian stocks raised over 1%, while Hong Kong and South Korean markets were lower ahead of Australia and Malaysia central bank decisions this week.

The S&P/ASX 200 advanced 1.11% to the session’s end at 6,612.6, with banking and retail stocks in the green. Japan and mainland China markets also increased.

The Nikkei 225 in Japan pared before gains to close 0.84% up at 26,153.81, while the Topix index surged 1.34% to 1,869.71.

In China, the Shanghai Composite gained 0.53% to 3,405.43, and the Shenzhen Component increased 1.29% to 13,026.25.

The Hang Seng index was closed on Friday and dropped by 1.8% in trade on Monday. It was previous down 0.31% in the last hour of work.

From Monday, exchange-traded funds will be included in the stock connect scheme that links Hong Kong and mainland China.

South Korea’s Kospi originally struggled for direction and was closed 0.22% down at 2,300.34, while the Kosdaq divested 0.93% to 722.73.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.15% higher. Indonesia’s Jakarta Composite in Southeast Asia declined 2.37% in late afternoon trade.

Dan Fineman, co-head of Asia-Pacific equity strategy at Credit Suisse, said markets appear to have adequately priced in the amount of Fed hikes that are to come but that the “very high risk of recession” means markets are unlikely to rally.

“I think that the worst is behind us. We probably will be bumping along the bottom, maybe a bit downside from here, but I think the difficulties of the foremost half will not be replicated on the same scale in the second half,” he told CNBC on Monday.

In company news, Chinese property developer Shimao missed the interest and principal payment of a $1 billion offshore bond. Other real estate firms have missed interest payments or defaulted on debt. On Monday, the U.S. market is closed for a holiday.

Looking ahead, results from a private survey on China’s services activity are due later this week, along with South Korean inflation data and several central bank decisions.

In the previous week, on the first day of the year’s second half, European stocks closed mixed, while markets stateside rallied; the first half of 2022 concerning inflation, increasing interest rates, and recession.

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