Broad Based Gains, China Buying Of State Banks Aids Sentiment

Regional Asia Pac equities are higher pretty much across the board. Strong gains have been evident for Hong Kong and China mainland shares, as well as Japan and South Korea. The follows positive US gains in Wednesday trade, while US futures have maintained positive momentum today. Eminis were last near 4422, back close to both the 50 and 100 day simple MAs. Nasdaq future are up by 0.29%, matching Emini gains.

• Sentiment has likely been aided by a tick down in oil benchmarks, as the risk of escalating Middle East conflict appears to have subsided for now. Still, US yields are a touch higher.
• China's mainland shares have tracked higher into the break, near +1% for the CSI 300. Reports of China's sovereign wealth fund buying local bank stocks has been a source of support (see this BBG link).
• Hong Kong shares are also tracking higher, the HSI near session highs, with gains close to 2%.
• Japan's Topix is +1.3%, while the Nikkei 225 is around 1.6% higher. The tech sensitive electrical appliances sector is leading the move. Bets the Fed is complete in terms of its tightening cycle is aiding broader sentiment in the space.
• Similarly, the Kospi is up 1%, building on yesterday's impressive gain, while the Taiex is up 0.65%.
• In SEA, Singapore's benchmark is up nearly 1%. Thailand stocks are down modestly, but this follows strong gains yesterday.