China Markets Weaker, Japan Outperforms Modestly

Most regional equity markets are under pressure in Wednesday Asia Pac dealing. China markets are among the weakest performers, while Japan markets are outperforming at the margin. US futures are modestly higher as the US FOMC decision later comes into view. Eminis last near 4702, +0.11%, while Nasdaq futures have firmed +0.15%.

• At the break, the CSI 300 sits just over 0.90% lower, and is back sub 3400 in index terms. Losses are fairly broad based at this stage, although some tech plays are outperforming. The Hang Seng China Enterprise Index is down 1.0%.
• Market disappointment around the lack of fresh stimulus measures from the Central Economic Work Conference has weighed on sentiment in the space.
• The HSI is off 0.74% at the break in Hong Kong, with the tech sub index is off -0.82%, only partially unwinding yesterday's 1.74% gain. The broader trend is still quite soft.
• In Japan, the Nikkei 225 is up +0.35%, while the Topix is around flat. Tech names are outperforming so far, which is in line with trends from US trade, with the SOX index breaking higher in recent sessions.
• The same moves haven't been enough to drive the Kospi higher (off nearly 0.60%), while the Taiex is around flat.
• NZ's market is +0.82% higher, after partial data showed signs inflation is cooling more than the RBNZ forecast.
• In SEA most markets are down. Thailand stocks continue to underperform, the SET off a further 0.80%. This puts the index back to levels last seen in late 2020.