CSI 300 Outperforms In Asia, E-minis Nudge Higher

When it comes to the major regional indices, Monday’s Asia-Pac session saw the ASX 200 edge higher, while the Nikkei 225 ticked lower in the wake of a negative lead from Wall St., although the latter managed to move off of early Tokyo lows.

• Elsewhere, losses in the Hang Seng were more pronounced, with Chinese tech names struggling after Friday’s pressure on U.S. listed Chinese names. The pressure stemmed from worries in the wake of Didi Global’s U.S. delisting as higher levels of U.S. regulatory oversight re: Chinese firms listed in the U.S. near (note that increased Chinese scrutiny of such names is also evident). This drove the Hang Seng Tech index to the lowest levels in its short life.
• Chinese equities nudged higher, with the broader property sphere continuing to balance worries surrounding Evergrande and credit defaults within the sector, against policymaker rhetoric re: the isolated nature of the Evergrande situation.
• We also saw U.S. e-mini futures push higher, with tentative optimism re: the ultimate risks posed by the omicron COVID variant and a bid in oil prices supporting the space. The S&P 500 and DJIA contracts added a little over 0.5%, while the NASDAQ 100 underperformed as U.S. Tsy yields ticked higher.