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EQUITES: China Evergrande Weighing on Hong Kong & Mainland China Equities

EQUITIES
Asia equities have opened mostly up, with Hong Kong and Mainland China indices the exception. US Equity Futures mostly flat, holding onto the late rally post the Treasury cut Jan-March borrow estimates from $816B to $760B, and estimates April-June at $202bn. Hong Kong and Mainland China stocks are being pulled down by the Evergrande liquidation as markets view that this may set a precedent for other troubled property names.
  • Japan equity indices are trading higher today, after positive bank earnings numbers, the Topix is 0.10% higher, while the Nikkei is 0.20% higher. Japan Job data was out earlier and was somewhat mixed with the jobless rate ticking lower at 2.4% vs 2.5% est.
  • Hong Kong indices are much lower today as the market continues to react to the China Evergrande news that was out yesterday, traders now believe putting China Evergrande into liquidation will set a dangerous precedent for the rest of Chinas troubled property names, currently the Hang Seng is lower by 1.90%, Hang Seng tech index is 3% lower, while the Mainland China Property index is down 4%.
  • Mainland China equities, much like Hong Kong are being dominated by China Evergrande, Chinese builder Radiance holdings has announced it's intention to hold meetings with bond holders of its march 2024 bond, which was last trading 65c on the dollar. CSI 300 is currently 1.00% lower, while ChiNext is 1.20% lower.
  • Australia is continuing its winning run today, trading another 0.45% higher, all sectors are in the green today with tech names leading the way today.
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