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China/HK Reversing Thursday Gains

EQUITIES

(MNI Australia) Regional equities are mostly on the back foot to end the week. Much of the focus has been on weakness in HK/China stocks, reversing yesterday's gain, albeit to varying degrees. US futures are lower, but are away from worst levels (Eminis -0.20%, Nasdaq -0.30% at this stage).

  • The weakness in China/HK stocks doesn't appear to reflect a specific factor. Some firming in underlying inflation (from a low base) may lower odds of easier policy settings, which may have weighed at the margin. The prospect of further US tech curbs, post the balloon incident is another potential headwind.
  • At this stage, the HSI is off around 2%, with the tech sub-index off -4.22%, fully unwinding yesterday's rise. The CSI 300 is down 0.80%, while northbound flows have been negative, -4.1bn yuan so far.
  • The Kospi (-0.65%) and Taiex (-0.20%) are tracking lower, while Japan stocks are outperforming modestly (Nikkei 225 +0.20%).
  • Indian stocks are lower, off by 0.25% at this stage, with stocks linked to the Adani group still included in MSCI Indexes, although their respective weightings could still be impacted.
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