ASIA STOCKS: Equities Slightly Higher, Market Cautious Ahead Of Debate & US Data

Asian markets showed modest gains today, tracking a rebound on Wall Street as traders anticipate upcoming US inflation data. Japanese & Australian equities are slightly higher, supported by technology companies and a weakening yen in Japan, while Chinese stocks continue to struggle due to deflationary concerns. South Korean equities slipped as market heavyweights like Samsung and Hyundai declined. Overall, it has been a very quiet trading session with investor sentiment remaining cautious, balancing US recession fears with hopes for a soft landing and political uncertainties in the US.

• The Nikkei 225 is underperforming today with healthcare weighing on the Index, after Daiichi dropped over 8% following mixed trial results. The Topix is higher with banks leading the way - Topix Banks Index up 1.55%.
• Asia tech stocks are trading mixed today. Japan's tech stocks are higher with Tokyo electron is +2.75%, Sony +2.10% with the weaker yen supporting the sector. Korea's tech stocks are mixed with Samsung -1%, while SK Hynix is +0.60% & LG is +0.95%. Taiwan's TSMC is +0.45%, while Hon Hai is 1.45% lower.
• Foreign Investors have continued to sell Korean equities with -$339m in outflows so far today, $300 coming from tech stocks.
• US equities futures are rangebound, tech is slightly underperforming with the Nasdaq 100 -0.25%, while S&P 500 is flat.
• In the EM space, Philippines PSEi is the top performer up 1.10% with the PHP the worst performing EM Asia currency.