[MARKET ANALYSIS] APAC stocks follow the losses from the US; Japan, China and South Korea closed amid holidays
- APAC stocks trade negatively following a downbeat lead from Wall Street, and with liquidity thin amid mass market closures, with Japan, South Korea, and Mainland China away on holiday.
- ASX 200 is pressured by its metals sector, whilst financial heavyweight Westpac slipped following a miss in H1 net income. Traders also look ahead to the RBA announcement and press conference, with the central bank widely expected to deliver its third consecutive 25bps rate hike.
- Hang Seng conformed to the downbeat mood, with tech taking the hit and with stock connect flows still absent amid the holiday in mainland China.
- US equity futures traded flat and sideways throughout the entirety of the APAC session thus far, with newsflow on the lighter side.
- European equity futures are indicative of a lower open with the Euro Stoxx 50 future -0.4% after cash closed -2.2% on Monday.
Context
APAC stocks are experiencing pressure after negative cues from Wall Street, compounded by reduced trading volumes due to holidays in major markets like Japan and China. This may indicate a continuation of risk aversion as traders digest US performance and await further developments, particularly the impending RBA rate hike amid a bearish sentiment for regional equities.
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