Bid Extends In Asia; Hang Seng Plays Catch Up

Most Asia-Pac equity indices are in the green at writing, tracking a positive lead from Wall St. on lingering speculation of a slowdown in Fed tightening amidst softer economic data.

• The Hang Seng (+5.3%) outperformed, playing catch up to regional equities on its first day back from a holiday. The HSTECH (+7.4%) contributed the most to gains, adding to strength in China-based stocks (Hang Seng China Enterprises Index: +5.7%).
• The ASX200 deals 1.7% firmer, building on Tuesday’s ~3.8% higher close, rising to fresh two-week highs amidst the repricing of expectations around the RBA’s terminal rate. Rate-sensitive tech leads the bid, with the ASX All Tech Index sitting 3.7% better off at typing.
• The Nikkei 225 is 0.4% better off at writing, on track to close higher for a third straight session, extending a move off of 15-week lows observed on Monday. Large caps such as Softbank (+2.0%) and Fast Retailing (+1.1%) lead the way higher, offsetting weakness in consumer staples.
• E-minis sit 0.4-0.5% weaker at writing, paring a little of their recent gains after a two-day rally (+5.5-5.9% apiece) saw the contracts record fresh two-week highs on Tuesday.