China Stocks Struggle Again

Another mixed day for equity markets in the Asia time zone; markets in China are lower again, on track for the third straight day of declines. The PBOC refrained from injecting liquidity again but repo rates dropped after rising for three straight days. In Japan the Nikkei 225 is has lost some ground, data showed the trade deficit widened more than expected, exports rose below consensus while imports beat forecasts. Core machinery orders rose below consensus and a sharp drop in the pace of increase from last month. In South Korea markets are slightly higher as the won weakened, markets digest a hawkish set of BoK minutes. Futures in the US are mostly lower, though the Nasdaq is just keeping above water after a heavy sell off yesterday, markets await the FOMC rate announcement later today.