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HK/China Downtrend Resumes

EQUITIES

Major Asia Pac equity indices are lower, following negative overnight leads from US markets and weaker futures since the open. Amazon's profit result disappointed, while Apple presented mixed results (iPhone sales weaker than expected). Futures are away from worst levels though, with Eminis holding above 3800.

  • The tech backdrop weighed on the HSI, which is down 2.3% currently, with the tech sub index down 4.2%. Both these indices are on track for weekly losses. The US Administration is reportedly considering expanding its curbs on technology related exports to China.
  • In China, the CSI is off 1%, with a continued rise in local covid case numbers weighing, and on-going lockdowns in parts of the country. Building stocks were lower, even as the PBoC called on support for bond sales of local property developers.
  • South Korea (-0.50%) and Taiwan (-0.90%) are down, weighed by tech headwinds. Sk Hynix amongst the worst performers for the Kospi. Offshore investors have also sold $127.5mn of local stocks so far today.
  • The ASX 200 is down around 1%, weighed by miners amid the continued fall in iron ore prices (last just under $80/tonne). Japan stocks were mixed, as the BoJ left policy parameters unchanged, while fiscal stimulus efforts step up.
  • Singapore shares are up 1.85%, a one bright spot for the region, as local bank UOB posted solid Q3 earnings.

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