China Markets Weaken, Amid Signs Of Softer Activity In Retail/Property

Most regional equity markets are tracking lower in the first part of Asia Pac dealing for Monday. China markets are down over 1%, although Hong Kong markets are out due to a storm, so this is likely impacting liquidity to some extent. Japan markets are also out today for a local holiday. US futures are a touch weaker at this stage, Eminis off by ~0.1% to 4532, Nasdaq futures down by a similar amount.

• China markets were weaker from the open, and faltered further post the Q2 GDP update and June monthly activity prints. These updates showed weaker than expected GDP y/y momentum, while discretionary spending and the housing market lost traction in June.
• At this stage the CSI 300 is off by 1.09% at the break, the Shanghai Composite slightly more. Financial stocks are also under pressure post reports from late last week the PBoC may open the door for mortgage refinancing, which may put pressure on interest margins per J.P. Morgan reports.
• Elsewhere, the Kospi has given back some of last week's gains, down 0.58% at this stage, while the Taiex is outperforming, sitting closer to flat. It's a similar story for the ASX 200.
• In SEA most markets are down, although losses aren't much beyond 0.50%. Indonesia's benchmark is outperforming, +0.40% at this stage.