Firmer, Aided By China/HK Gains

Regional equities are mostly tracking with a firmer bias, although gains are mostly under 1% at this stage. Markets have taken a positive cue from EU/US gains on Monday, particularly in the financials space. US futures are a touch firmer at this stage (around +0.10% for Eminis and Nasdaq futures), while EU futures are comfortably higher.

• US futures did firm on headlines that the US is studying guaranteeing all bank deposits, but we didn't see much follow through. Presumably because it is only under consideration at this stage rather than being enacted.
• China and Hong Kong stock indices have extended gains this afternoon. Both the CSI 300 and HSI are up 1%. Gaming/tech related stocks have risen, after China regulators approved 27 foreign games late yesterday.
• This is the first fresh round of approvals since late last year and is giving the market optimism that regulatory oversight of the sector won't be as strong as it was in 2022.
• Japan markets are closed today, while South Korea is +0.40% for the Kospi and +0.55% for the Taiex. In Singapore the STI is near +1%, with bank names enjoying a better session today. The ASX 200 has climbed 0.82%, with similar drivers in play.