• Asian equities struggle between gains and losses with Taiwan and New Zealand occupying the extreme ends.
• Shares in New Zealand slump after RBNZ’s rate hikes, Taiwan stays hopeful of the US help against China.
• Snap drowned Nasdaq but Dow Jones bucked the trend, S&P 500 Futures print mild gains.
• FOMC Minutes, US Durable Goods Orders eyed for fresh impulse.

Markets in the Asia-Pacific bloc tracked Wall Street’s pattern during early Wednesday as lackluster yields and mildly bid stock futures await the key data/events from the US. While portraying the mood, the MSCI’s index of the Asia-Pacific shares ex-Japan rises half a percent but Japan’s Nikkei 225 struggles for clear directions.

New Zealand’s NZX 50 was a big loser, with around a 1.0% daily fall, as the Reserve Bank of New Zealand (RBNZ) announced 50 basis points (bps) rate hike. On the contrary, shares in Taiwan gained the most, up nearly 1.05% at the latest, as the US readiness to help the Asian nation counter China’s pressure renewed investor optimism despite Beijing's readiness for a military drill near Taiwan.

Elsewhere, Australia’s ASX 200 adds 0.70% even as RBA Assistant Governor (Economic) Luci Ellis signaled more rate hikes. Furthermore, Japan’s government maintains its economic assessment in May but fears of growth and North Korea’s missile launches seem to have weighed on the Nikkei 225.

It’s worth noting that covid fears and the resulted economic pessimism for China challenge stocks in Beijing whereas India’s BSE Sensex remains directionless during the first negative year in six.

On a broader front, the US 10-year Treasury yields bounce off the monthly low while rising 0.8 basis points (bps) to 2.767% whereas the S&P 500 Futures add 0.60% on a day by the press time. On Tuesday, Wall Street closed mixed as downbeat US housing data and fears of Snap’s losses drowned Nasdaq.

Looking forward, the US Durable Goods Orders for April, expected 0.6% versus 1.1% prior, as well as the Federal Open Market Committee (FOMC) Minutes, will join the speech from ECB President Christine Lagarde to direct immediate moves.