Gains Outside of China/HK

Outside of China and Hong Kong, most regional equities are tracking higher, following the strong lead from US markets during Friday's session at the end of last week. US futures started weaker today, but have recovered firmly, with Eminis breaching the 4060 level, before retracing somewhat. The short term technicals are better with the active eminis contract now trading above its 20 and 50-day EMA.

• China/HK stocks have been left somewhat disappointed by the 'around 5%' growth target announced at yesterday's NPC for 2023. It implies less stimulus measures, which the equity market has taken as a negative. The CSI 300 is off by around 0.55%, with property stocks weighing, as the NPC didn't suggest any dramatic shifts in terms of housing policy.
• The HSI is around flat, which is away from worst levels, but is underperforming better trends elsewhere in the region. The prospect of additional curbs on US investment is China is also acting as a headwind.
• Elsewhere the mood is more positive. The Nikkei is at +1.20%, while the Kospi and Taiex are both around +1% higher as well.
• Indian shares are also rallying, up a further 1% as Adani related stocks rose in early trade.
• On the Singapore bourse is down in SEA.