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Asia-Pacific stock markets on Wednesday morning showed mixed sentiment, with most tending to be gloomy. Although Japanese stocks showed an extraordinary performance and S&P500 Futures showed optimism, traders remained hesitant about the extension of the US debt ceiling. This happened despite optimism from policymakers, as well as hopes for hawkish policies from each country's central bank. Information about Asian stocks this time is accurate news based on technical analysis from FxStreet. In addition, geopolitical concerns surrounding Australia and China also contributed to the cautious mood in the market. Amid this situation, MSCI's index of Asia-Pacific shares outside Japan experienced uncertainty with a small decline, while Japan's Nikkei 225 index hit a new high since September 2021, with an intraday increase of 0.80% approaching 30,080 currently. Overall, S&P500 Futures experienced a slight increase around 4,135, in contrast to the gloomy performance on Wall Street. Meanwhile, the 10-year and 2-year US Treasury yields posted their first daily decline in four days. However, the US Dollar Index (DXY) eased to 102.57 after rising 0.18% intraday on Tuesday, reversing an early-week decline. It is worth noting that the upbeat preliminary reading of Japan’s Gross Domestic Product (GDP) for the first quarter (Q1) of 2023, with a growth of 0.4% quarter-on-quarter (QoQ) versus the 0.1% estimate and the previous reading of 0.0%, cheered Tokyo shoppers. This marked the first quarterly gain in three quarters. On the other hand, China’s National Development and Reform Commission of the State Planner of the People’s Republic of China (NDRC) recently announced measures to boost consumption potential and make continued efforts to stabilize and expand manufacturing investment. These measures demonstrate China’s efforts to strengthen both the consumption and manufacturing sectors as part of its efforts to maintain stable and sustainable economic growth. Stocks in China, Hong Kong, Australia and New Zealand remain under pressure amid concerns about the Federal Reserve's (Fed) hawkish stance and doubts about the ability of US diplomats to address debt default concerns. In addition, headlines mentioning the cancellation of the four-nation meeting in Australia and the divergence in the Aussie wage price index also put pressure on market risk. Australian Prime Minister Anthony Albanese told Reuters, "The leaders of Australia, the United States, India and Japan were due to meet in Japan for the G7 summit this weekend, after President Biden canceled a trip to Sydney for the second leg of his upcoming Asian tour. The trip also includes a visit to Papua New Guinea." Uncertainty over the four-nation meeting and the cancellation of President Biden's visit could have a negative impact on market sentiment and result in a decline in stocks in China, Hong Kong, Australia and New Zealand. In addition, the divergence in the Aussie wage price index also added to the burden on risk appetite in the market. It is worth noting that despite the optimism from US congressional leaders, positive data from the US, and hawkish Fed talk, this contrasts with the situation in the rising markets.
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