Higher In Asia; Chinese, Hong Kong Stocks Rebound

Major Asia-Pac equity indices are firmer, following a positive lead from Wall St. High-beta equities (particularly in China and Hong Kong) outperformed, while materials and energy stocks across the region lagged peers, as commodity prices have made limited headway during Asia hours (BBG Commodity Index: +0.2% at writing).

• Gains in the Hang Seng are the most pronounced amongst major Asia-Pac equity indices, adding 6% at typing to rise from fresh six-year lows made on Tuesday. A strong rebound was observed in heavily depressed sectors (particularly China-based tech), with the Hang Seng Tech Index adding 11.6% at writing (the most on record), outstripping a 5.0% rise in the NASDAQ Golden Dragon China Index (made up of ADRs of several large-cap Chinese tech companies) in Tuesday’s session.
• The Chinese CSI300 was ahead of most regional peers as well, sitting 2.1% higher at writing. The index surged after extensive comments from China’s Vice Premier Liu He, announcing the government's intention to support the economy and promote stock market stability. This also factored into the bid in the Hang Seng.
• U.S. e-mini equity index futures also drew support from Liu He’s comments, last printing 0.1-0.4% firmer on the day.