With Japan on holidays, other Asian stockmarkets were today slightly negative. Markets were mostly quiet, with tradersreporting a lack of corporate activity given the Nikkei is closed.
In Sydney, the ASX200 is trading lower by 0.3%, led by the local banks’ inability to track higher after the recent run. Credit Suisse labelled the banks “expensive”, particularly relative to industrials. The broker saw a risk thath the RBA’s monetary tightening could cause a flattening yield curve, slowing growth and an increase in bad debts. CBA is -1.2%, NAB -1.5% and both BHP and RIO are flat and +0.5% respectively.
Elsewhere, the Kospi is trading down 0.7% and the Sanghai composite which started the day up 0.3%, is now flat as well.
