Asian Stock Market: Mostly bearish amid volatility inspired by quarterly result season, oil attempts recovery

📆 4/18/2023 2:09 AM
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Asian Stock Market: Mostly bearish amid volatility inspired by quarterly result season, oil attempts recovery – by Sagar_Dua24 Asia China Nikkei Oil BOJ

Monday’s session on a mildly positive note after finding support from the banking sector. However, a sell-off in tech-giant Google kept upside capped. Tech-giant Google witnessed a sheer sell-off after reports that South Korea's Samsung Electronics was considering replacing Google with Microsoft-owned Bing as the default search engine on its devices.Index has shown a minor correction after a sheer recovery and is defending the immediate support of 102.00.

At the press time, Japan’s Nikkei225 jumped 0.40%, SZSE Component dropped 0.18%, Hang Seng tumbled 0.80%, and Nifty50 slipped 0.28%.are showing resilience after the Bank of Japan announced anticipation for Japan’s inflation in a 1.6-1.9% range for CY2025. This has postponed consideration of an exit from the decade-long ultra-loose monetary policy. Also, a further tweak in Yield Curve Control seems out of the picture.

Chinese equities are struggling to gain traction despite the release of upbeat Gross Domestic Product anddata. China’s GDP has expanded by 2.2% in the first quarter of CY2023 as expected by the market participants. On an annual basis, China’s growth rate data has soared to 4.5% vs. the expectations of 4.0% and the former release of 2.9%. Apart from that, Retail Sales data has jumped dramatically to 10.6% against 7.4% as expected.remained under pressure after a solid recovery in the USD Index.

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