[MARKET ANALYSIS] Asia-Pac stocks are mostly subdued after the tech weakness stateside and likely profit taking at month-end

APAC Stocks: Mostly lower

• Asia-Pac stocks are mostly subdued following the weak handover from the US, where sentiment was clouded by tech weakness, while participants digest several data releases and are likely booking profits at month-end.

ASX 200: Flat

• Trades little changed as the outperformance in tech, telecoms and miners is offset by losses in the financial and consumer sectors.

Nikkei 225: -0.2%

• Price action is lacklustre amid a firmer currency and a slew of mixed data releases from Japan, in which Industrial Production disappointed, Retail Sales topped forecasts, and Tokyo CPI printed firmer-than-expected but slowed across the board with the Core reading falling beneath the central bank's 2% price target for the first time since October 2024.

Hang Seng & Shanghai Comp: Hang Seng +0.6% / Shanghai Comp Flat

• Chinese markets are kept afloat, albeit to varying degrees, with mild outperformance in Hong Kong as participants digest earnings releases from the likes of Baidu and Sun Hung Kai Properties, while the mainland is rangebound amid a lack of major fresh catalysts heading into next week's annual "two sessions" in Beijing.

US Equity Futures: Lower

• Remain subdued following the recent tech weakness and NVIDIA's failure to inspire despite its earnings beat, while geopolitical uncertainty continues, as although US-Iran talks in Geneva were said to be positive, the sides failed to reach an agreement and the risk of a US strike on Iran remains.

European Equity Futures Flat

• Indicates a quiet cash market open with Euro Stoxx 50 futures flat after the cash market closed with losses of 0.2% on Thursday.

Asia-Pacific stocks are subdued following negative sentiment from weak U.S. tech performance and month-end profit-taking. Notably, Japanese data showed mixed results with Industrial Production disappointing but Retail Sales exceeding expectations, while inflation remains a concern with core CPI dipping below the central bank's target. This environment could imply cautious trading ahead and influence market sentiment as participants digest these mixed signals.