Asian Equities Mixed As Sellers Of Tech Stocks Emerge

Asian equities are giving back the mornings gains after sellers of tech stocks emerging, initial moves higher were largely driven by expectations of US rate cuts. Japanese stocks are the top performers followed Australia, while South Korean equities are pared all gains and finally Taiwan saw some sector-specific declines, particularly in banking and property stocks, following the central bank's request to manage real estate loan concentration.

• Japanese equities are higher today, materials are the top performers today with Shin-Etsu up over 3%, while tech stocks have benefitted from the move higher overnight, the yen is off overnight highs although we still trade at 145.50. Earlier, Jibun Bank PMI rose to 53.0 for August, vs 52.5 prior. The Nikkei is up 1%, while the TOPIX is trading up just 0.28% after the TOPIX Banks Index fell about 1%.
• South Korean equities have given all gains made this morning with KOSPI now 0.20% lower after Samsung dropped -0.40% & SK Hynix fell -0.80%, small-caps are underperforming with the KOSDAQ down 0.80%. Foreign investors have been slightly better sellers this morning, with most of the selling coming from tech names.
• Taiwanese equities are little changed today with banking and property sectors the worst performing following the central bank's request for lenders to reduce their concentration of real estate loans. The central bank's directive, aimed at improving credit resource management, triggered concerns over tighter financial conditions. TSMC is currently trading unchanged after initially opening 0.60% higher.
• Australian equities are slightly higher driven primarily by gains in mining and real estate stocks. The ASX200 index is on track for its longest winning streak since February 2015, and trades 0.25% higher today. New Zealand healthcare stocks are underperforming today with the NZX50 down 0.20%.
• Asian EM equities are mixed with Indonesia's JCI down 0.40%, Singapore's Straits Times down 0.30% while Philippines PSEi is up 0.10% and Malaysia's KLCI is up 0.13%.