APAC Equities Mixed, Disappointing China CPI Weighed On Stocks

Equities are mixed during APAC trading after they rose in the US and Europe on Friday. The MSCI APEX 50 is down 1.3% driven by China/HK as the deterioration in China’s inflation situation weighed on stocks as it signalled continued weak demand in the region’s largest economy. The US S&P e-mini is little changed but the Nasdaq is down 0.3% and both are off their intraday highs. The USD index is 0.2% higher.

• The Hang Seng has traded lower for almost the whole session and is now down 2%, close to the intraday low, and the tech index is -2.6%. Li Ning sportswear fell 16%. China’s CSI 300 is down 0.9% but off the day’s lows early in the session.
• Korea’s KOSPI is flat but the KOSDAQ is up 0.6%. The TAIEX is only slightly higher.
• Australia’s ASX 200 is flat but down 0.4% from the high early in trading. The energy sector performed well but miners weighed on the index. The NZX 50 fell 0.4%.
• India’s Nifty 50 is up 0.2% with the strong economy and increased foreign buying supporting the market. Indian benchmarks are heading to new highs.
• ASEAN is mainly weaker with Indonesia’s Jakarta comp down 0.6%, Singapore’s Straits Times -0.8%, Philippines PSEi -0.8% but the Malay KLCI is flat and SE Thai up 0.2%.