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Higher In Asia; Chinese Stimulus Does Little To Lift Gloom

EQUITIES

Most Asia-Pac equity indices are modestly higher at typing, tracking a positive lead from Wall St. A note that Hong Kong’s morning session was cancelled owing to heightened weather warnings, with trading scheduled to resume at 1300 HKT.

  • The CSI300 deals 0.2% firmer at writing, back from three-week lows made earlier in the session, with news of additional economic support measures from China’s State Council doing seemingly little to shore up broader sentiment in equities amidst an ongoing power crisis (Chongqing has extended industrial power cuts for another day) and well-documented concerns re: the property sector.
  • Keeping within the country, tech equities struggled (ChiNext: -2.5%; STAR50: -1.5%), with heavyweight CATL Ltd (-2.5%) falling for another day amidst recent weakness in EV stocks.
  • The Nikkei 225 trades 0.6% firmer, on track to halt a five-session streak of daily lower closes, with large-caps Tokyo Electron (+1.4%) and Daiichi Sankyo (+4.9%) contributing the most to gains.
  • The ASX200 deals 0.7% firmer, led by gains in materials and energy equities, with the major miners adding 0.7-0.9% apiece. On the other hand, the consumer staples index has struggled for another day, with retailer Woolworth’s (-3.9%) declining after reporting sluggish profit growth.
  • E-minis sit 0.1-0.3% better off apiece, operating within the upper end of Wednesday’s range at writing.

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