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Higher In Asia; Chinese Developers Gain On Latest Policy Move


Virtually all Asia-Pac equity indices are firmer at writing, largely tracking a positive lead from Wall St.

  • Chinese and Hong Kong stocks have outperformed ahead of the long weekend (both stock markets will be closed for a holiday on Monday), aided by the better-than-expected Chinese CPI beat that added to expectations from some quarters for increased policy support.
  • The Hang Seng leads peers, trading 2.2% higher, on track to snap a six-session streak of lower daily closes, coming after the benchmark had recorded fresh eight-month lows on Thursday. The property (+2.8%) sub-gauge leads the way higher, adding to a strong showing from China-based tech (HSTECH: +2.3%).
  • The bid in Chinese developers comes on the back of a Securities Daily report detailing that at least 24 Chinese cities have allowed parents to fund home purchases for their children with their provident funds. The Hang Seng Mainland Properties Index accordingly sits 5.3% better off at writing.
  • The Nikkei 225 deals 0.6% firmer, recording fresh two-week highs after building on yesterday’s 2.3% higher close. Virtually every industry sector is in the green at writing, with gains in healthcare and utilities equities countering uniformly shallow losses observed across the index’s losers.
  • E-minis sit 0.2-0.4% better off, just off their respective, freshly made one-week highs at writing.

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