Equity markets have struggled in.............>

STOCKS: Equity markets have struggled in Asia-Pacific trade. Risk-off flows were

triggered as the e-mini S&P 500 futures broke below 2,800, with little in the

way of headline catalysts noted. Early Asia saw

a commentary piece in China's People's Daily note that the U.S. shouldn't

underestimate China's ability to fight in the trade war and signalled that the

country may use rare earth exports as a weapon, but there was an hour or so time

lag between the headlines and the move, suggesting that it was momentum based,

as opposed to headline driven. As a reminder Wall St. struggled on Tuesday after

the long weekend. Global trade worries, and to a lesser extent, the Italian

fiscal situation, are still weighing on risk sentiment.

- The PBoC stepped in with the largest OMO net injection since January, but

Chinese equities still trade lower on the day at writing.

- Nikkei 225 -1.1%, Hang Seng -0.4%, CSI 300 -0.6%, ASX 200 -0.8%.

- S&P 500 futures -9, DJIA futures -70, NASDAQ 100 futures -46.