China Markets Lag Broader Rebound, Australian Shares Outperform

MNI (AUSTRALIA) Regional equities are mostly higher, except for some pockets of weakness in South East Asia. A core yield pull back through Tuesday has been a factor aiding sentiment, although US nominal cash Tsy yields are higher in the first part of Wednesday trade. US equity futures sit higher though after an indifferent Tuesday cash session. Eminis last +0.30% at 4588.5, while Nasdaq futures are slightly higher at +0.43%.

• Hong Kong markets have pushed higher, with the HSI up 0.73% at the break. The tech sub index is outperforming, +1.3%.
• China markets are only modestly higher though in terms of the CSI 300, +0.15% at the break, while the Shanghai Composite sits down slightly (-0.11%). This follows sharp losses and Moody's credit rating outlook downgrade yesterday.
• Onshore media has pushed back against this today, while also stating that the stock market hit a mild bull market in 2024 (Securities Times/BBG). Headlines have also cross from the NDRC that China has scope for macro adjustments to support the economy (NDRC).
• In Australia, the ASX 200 is up strongly, +1.7%, despite a disappointing Q3 GDP update. Financials and resource names have been the outperformers.
• Japan stocks are higher, +1.8% for the Nikkei 225, with lower core yields buoying tech related plays. The Kospi and Taiex have seen more modest rises, up around 0.30%.
• In SEA trends are more mixed, the Philippines and Malaysia bourse are down modestly.
• In India, we continue to see upside momentum, the Nifty up a further 0.50% in early dealings. This is fresh record highs for the index.