China Plays Catchup Following LNY Holiday

The CSI 300 trades 1.6% better off at midday, moving higher as mainland China returns from the LNY holiday, playing catchup to gyrations witnessed in broader equity markets over the last week.

• Meanwhile, the remainder of the regional benchmark indices, namely the Nikkei 255 (-0.7%) and the Hang Seng (-0.3%), ticked lower. E-minis are little changed on the day, paring early losses.
• The post-holiday rally in the CSI 300 is a little more subdued than that seen on the Hang Seng’s first day back (the Hang Seng added 3.2% on Friday), with continued worry re: the Chinese economy perhaps limiting the upside impetus (the latest instance of such worry came in the form of LNY tourism and spending figures).
• The ASX 200 was little changed at the close, recovering from worst levels following PM Morrison’s formal announcement re: Australia’s border re-opening to double-vaccinated international travellers (as of 21 Feb).