Asian Markets Enjoy Post Powell Rally

MNI (Australia) - Most regional bourses are higher, tracking the strong positive lead from offshore markets overnight. Only Indonesian and Philippines markets are down within the Asia Pac region. US equity futures are modestly higher, +0.15/+0.20% at this stage. The risk on tone has been evident in other asset classes, with the USD softer and commodities mostly higher.

• China's CSI 300 is firmer by 1.30% so far today, while the Shanghai Composite is +0.65% higher. A slight down tick in aggregate Covid cases, coupled with a Caixin PMI beat has helped.
• Further re-opening signs is the other focus point for markets, with a number of regions moving away from lock down conditions.
• The HSI is up by 1.60%, with the tech index up nearly 2.40%. Overnight the China Dragon Index rose a further 9.60%, capping off a +42% gain for the index in November.
• Japan's Nikkei 225 is up +1%, Q3 data showed better than expected company profits and Capex.
• The Kospi is showing a modest +0.15% gain, but offshore investors continue to return to the market, with a further $150mn in net inflows.