Chinese Tech Leads Rally On Hope Of Easing Of Clampdown

Continued positive developments surrounding the COVID situation in Shanghai, alongside the easing of rules surrounding the purchases of second homes in some Chinese cities & confirmation that Hong Kong will push ahead with its previously outlined timeframe re: the start of the wind back of its COVID-related mobility restrictions, supported wider risk appetite during Asia-Pac hours.

• Elsewhere, Chinese tech names drew support from hope surrounding a meeting between senior Chinese policymakers and tech executives, with participants speculating that the meeting may result in the easing of some of the measures implemented in the well-documented clampdown on the sector.
• The Hang Seng leads gains amongst the major regional indices, running ~2.2% firmer on the session, with the Hang Seng Tech Index adding over 4.0% on the above dynamic. E-minis sit 0.3-0.7% firmer on the day, with the NASDAQ 100 outperforming.