[MARKET ANALYSIS] Asia-Pac stocks are mostly lower following recent upside in oil and yields amid conflicting geopolitical headlines

APAC Stocks: Mostly negative

• Asia-Pac stocks are mostly lower following the weak handover from Wall St, where stocks were pressured as oil prices and yields continued to climb, amid a slew of conflicting geopolitical headlines.

ASX 200: +0.1%

• Bucks the trend with the index kept afloat amid outperformance in the local tech, mining and materials industries, but with the upside limited after disappointing Household Spending data and as participants await a fully-priced-in RBA rate hike scheduled today.

Nikkei 225: -1.2%

• Underperforms and looks to test the 65,000 level to the downside, with the declines led by weakness in refiner and power-related stocks.

KOSPI -0.6%

• Price action is choppy with the index ultimately dragged lower by the tech giants amid recent upside in yields, while South Korea's Finance Minister noted they are closely monitoring the bond market and will conduct a treasury bond buyback if bond yields rise excessively.

Hang Seng & Shanghai Comp: Hang Seng -0.8% / Shanghai Comp -0.1%

• Chinese markets are lower in the absence of any bullish catalysts and with Hong Kong pressured amid weakness in some autonames and with fast fashion retailer Shein slumping after it reported H1 oper. profit fell by over 50% Y/Y, while the losses in the mainland are only marginal after the PBoC and government agencies issued guidance to expand capacity and improve the quality of China’s service sector through financial support.

US Equity Futures: Lower

• Trickled lower overnight amid the ongoing rising yields and higher oil prices backdrop.

European Equity Futures +0.3%

• Indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed flat on Monday.