Asian markets mixed

Asian equities are having a mixed session

New York equity markets had a noisy but ultimately ranging session overnight as upbeat Bank of America results were balanced out by Ukraine geopolitical caution and the Fed’s Bullard talking 0.75% rate hikes. The S&P 500 edged 0.02% lower, the Nasdaq fell by 0.14%, and the Dow Jones slid just 0.10%. In Asia, futures have rallied strongly though as the Bullard comments quickly faded as not being reflective of the FOMC in general. S&P 500 futures have risen by 0.35%, Nasdaq futures have jumped by 0.60%, and Dow futures have gained 0.25%.

The good start by US futures in Asia has prompted a cautious rally across most Asian markets as well. Japan’s Nikkei 225 has risen by 0.60%, with South Korea’s Kospi jumping by 1.0%. The malaise continues in China though, where state planner comments about targeted support have been unable to lift the gloom around China’s growth outlook. The Shanghai Composite is up just 0.12%, while the CSI 300 has fallen by 0.40%. Hong Kong’s Hang Seng is enduring a torrid day, perhaps also weighed down by China ADR delisting votes. The index has plummeted by 1.85% today.

In regional markets, Singapore has risen by 0.60%, Taipei by 0.35%, and Manila and Bangkok by 0.50%. Kuala Lumpur is closed while Jakarta has retreated by 0.80% on rate hike nerves ahead of the Bank Indonesia policy decision shortly. Australian markets are enjoying a good day after a strong performance by US futures. The ASX 200 is 0.50% higher, with the All Ordinaries rallying by 0.55%.

European markets are likely to face a challenging day as they return to the office. Statement by Ukraine that the Russian eastern offensive has started will weigh on sentiment, as will the rise in oil and natural gas prices over the past few sessions.

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