Mostly Higher In Asia; Chinese Equities Rebound As PBoC Wades In

Major Asia-Pac equity indices are mostly higher following a positive lead from Wall St. and PBoC pledges of support for the Chinese economy, putting regional equity indices on track to snap a collective three-day streak of lower closes as seen in the MSCI Asia Pacific Index.

• The Australian ASX200 remains the sole index in the red today, dealing 2.0% lower at typing on losses in virtually every constituent sub-index. Energy and material names were notable underperformers, likely facing drag from energy and commodity prices having declined over the weekend (and over Monday’s Anzac Day national holiday).
• The CSI300 reversed earlier losses of as much as -0.6%, and sits 1.4% better off at typing. Chinese stocks received a boost early in the session after the PBoC renewed pledges to increase support for the economy while promoting the health and stability of financial markets, coming after Monday’s sell-off left Chinese benchmarks within ~10% of COVID-era lows by the close of the session. High-beta equities and tech stocks were notable beneficiaries of the improvement in sentiment, with Chinese liquor stocks leading gains (particularly Kweichow Moutai), while the ChiNext trades 2.0% higher at typing.
• The Hang Seng Index outperformed, adding 1.9% at typing. China-based technology stocks outperformed, with the Hang Seng Tech Index sitting 5.4% firmer, operating a touch below session highs at writing. On the other hand, the financials sub-index struggled, bucking the broader trend of gains in the index as Chinese authorities appear to be widening a crackdown on corruption in the industry.
• U.S. e-mini equity index futures deal 0.2% to 0.3% higher apiece at typing, reversing losses earlier in the session on tailwinds from aforementioned PBoC messaging.