Asian equities could trade choppy as peers on Wall Street took a hit after reports stating that Apple plans to slow hiring and spending for some teams in 2023, and it will not backfill roles or add new staff in certain cases. The defensive tone continued after reports noting that Goldman Sachs said it would be slowing its hiring too. It is worth noting that liquidity is thin due to summer volume.
For the session ahead, no tier 1 data is scheduled this week, aside from the US earnings season and Flash PMIs. Traders are waiting for the key Fed meeting next week, with the current price at 75 bps. For risk appetite reference, it is worth keeping an eye on the USD and rates differentials, a likely an important driver this week ahead of the European Central Bank decision on Thursday. Money markets already priced in a hike of 25 bps after President Christine Lagarde confirmed the expectations.
