Building On Friday’s Gains

Most Asia-Pac equity indices are in the green at writing on a positive lead from Wall St., building on last Friday’s gains, with Chinese, Hong Kong, and South Korean markets remaining shut for a holiday.

• The Nikkei 225 deals 1.1% firmer at typing, building on the ~2.2% higher close recorded for last week. Tech and large-caps such as Fast Retailing (+2.2%) and Softbank Group (+2.8%) lead gains in Japanese equities (with the broader TOPIX index adding 0.6% in comparison), countering weakness in the energy and utilities sectors.
• The ASX200 trades 1.1% higher at writing, on track for a third straight higher daily close, unwinding the bulk of the selloff in September so far at current levels. The materials sub-index (+2.3%) outperformed, with the major miners sitting 1.7-3.9% firmer apiece amidst last week’s rally in industrial metals, while heavyweight Mineral Resources (+2.8%) hit an all-time high amidst speculation re: a spin-off of its lithium business last week.
• The TAIEX sits 1.6% better off at writing on a strong showing from semiconductors (+2.7%) and index heavyweight TSMC (+2.8%), following RTRS source reports over the weekend re: possible, further curbs on U.S. shipments of semiconductors and chipmaking tools to China.
• E-minis deal a shade below neutral levels at typing, having backed away from two-week highs earlier in the session, with S&P500 contracts back from as much as 0.5% firmer.