Following Wall St Higher; Easing Of Hong Kong COVID Rules Eyed

Major Asia-Pac equity indices deal between 0.3-1.3% firmer on a positive lead from Wall St., with the MSCI APEX 50 Index (+1.2%) of large caps unwinding virtually all of Monday’s losses at writing, and on track to snap a four-session streak of losses.

• The Hang Seng is 1.5% better off, rebounding from Monday’s six-month lows on gains across every sub-index. China-based tech outperformed (HSTECH: +2.5%), mirroring the bid in the NASDAQ Golden Dragon China index on Monday (+1.6%).
• Travel-related stocks extended Monday’s gains as SCMP sources pointed to Hong Kong leaders reaching consensus on lifting hotel quarantines. While no official announcement re: concrete measures has been made, China’s HK & Macau Affairs Office has stated that they have “no problem” with an adjustment in the city’s COVID rules.
• The ASX200 deals 1.3% firmer, with commodity and financials equities contributing the most to gains, offsetting a relatively lacklustre showing from tech stocks (S&P/ASX All Tech Index: +0.5%). Major miners sit between 0.9-5.5% better off, while the “Big 4” banks trade 1.2-1.7% firmer apiece.
• E-minis deal 0.2-0.3% apiece, off best levels, but holding on to the bulk of their Monday’s gains at typing.