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Risk Appetite Returns After Early US$ Bid

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Another negative day for equities in the Asia-Pac region, though moves are not as dramatic as yesterday there is still a broad risk off tone on concerns over the delta variant. In mainland China bourses are lower by around 0.6%, the PBOC opted to keep LPR rates on hold despite some speculation of a cut. In Japan markets are down around 0.4%, CPI rose 0.2%, in line with estimates, though coronavirus concerns weigh. In the US futures are higher, rebounding from a sharp sell off yesterday. US futures are higher by around 0.5%, S&P e-minis approaching support turned resistance at 4279.25, the low from July 8.