Higher In Asia

Major Asia-Pac equity indices are flat to higher as high-beta and tech stocks across the region outperformed, following a positive lead from Wall St’s tech-led rally on Tuesday. Utilities and energy equities broadly lagged peers, as commodity and major crude benchmarks traded below Tuesday’s best levels in Asia-Pac dealing.

• The Nikkei 225 outpaced most regional peers for a second day to sit 2.9% firmer at writing, with 213 out of the index’s 225 constituents in the green. The JPY has continued to weaken with USD/JPY hitting fresh cycle highs at Y121.41 during the session, driving outperformance in large-caps and export-oriented names.
• The ASX200 struggled to extend the opening move higher, finishing 0.5% better off come the bell. Tech stocks (S&P/ASX All Technology Index: +2.3%) led gains, with rallies observed in healthcare equities as well, while energy and materials sub-indices underperformed their index peers.
• The Hang Seng is 1.6% better off, led by gains in China-based technology companies, with the Hang Seng Tech Index dealing 2.5% firmer at writing. Familiar large-cap names such as Alibaba and Xiaomi have lifted sentiment in the wider China-based tech space with announcements of share buyback schemes, while tech stocks have continued to find tailwinds from Chinese regulators recently announcing their intention to enact market-supportive measures.
• The CSI300 deals 0.4% firmer at typing, with gains in the consumer staples sector and healthcare equities offset by losses across virtually every other sector.
• U.S. e-mini equity index futures sit 0.1% to 0.2% higher at typing, operating a touch below the session’s best levels.