Asia Pacific Market: Struggles to make headway as central banks, job numbers prod bulls

of New Zealand’s hawkish surprise. Adding strength to the market’s indecision could be the cautious mood ahead of some more key data from the US concerning employment and activities.

While portraying the mood, MSCI’s Index of Asia-Pacific shares outside Japan prints mild gains but Japan’sThat said, US JOLTS Job Openings dropped to the lowest levels since May 2021 while flashing a 9.931M figure for February versus 10.4M expected and 10.563M revised prior. On the same line, US Factory Orders for February came in -0.7% MoM versus -0.5% expected and downwardly revised -2.1% prior.

On a broader front, the S&P 500 Futures print mild gains even as Wall Street closed with minor losses. Further, the US 10-year and two-year Treasury bond yields also take a breather around 3.35% and 3.85% respectively, after falling in the last four and three consecutive days. Further, the US Dollar Index dropped to the lowest level in five weeks on Tuesday, before renewing the multi-day bottom and then bouncing off the 101.43 level to around 101.54 by the press time. Also portraying the mood could be the sluggish prices of Oil and Gold.

Moving on, Asia-Pacific traders may witness inaction as traders remain cautious ahead of the US ISM Services PMI and ADP Employment Change for March. Also restricting the market moves is the holiday in China and Hong Kong.

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