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Covid Concerns Crimp China Rally

EQUITIES

(MNI Australia) Asia Pac equities have been mixed ahead of key event risk in US markets tonight with CPI due. US futures are down slightly (-0.10/-0.20% at this stage), while regional markets that are higher are mostly away from best levels.

  • The positive lead from US markets overnight, hasn't inspired uniformed gains throughout the region. The Kospi (-0.1%) and Taiex (-0.40%) are both weaker, despite some tech outperformance during US trading. Some South East Asian markets have performed better.
  • The Nikkei 225 is +0.45% at this stage. Japan is reportedly in talks with the US to tighten chip export restrictions to China. The corporate tax rate could also be raised by 5ppt.
  • Mainland China stocks are lower, the CSI 300 off by 0.20% at this stage. Easier Covid restrictions are reportedly planned but some of the focus is shifting to dealing with the current outbreak, amid soaring cases and strains on the local health system.
  • The HSI is slightly higher, +0.55% at this stage. China/HK will start quarantine free travel in January, while US auditors of HK companies (that also have US listings) will reportedly present their findings by year end.
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