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HK/China Recoup Early Losses, Japan Bank Stocks Rise With Local Yields


Regional equities are mostly tracking lower, albeit away from session lows. Hong Kong and China equities opened sharply lower, but have recouped a large proportion of losses to the lunchtime break. Also helping has been a recovery in US equity futures from earlier session lows. Eminis last tracked near 4424, slightly firmer for the session, against earlier lows at 4409.5. Nasdaq futures have also firmed from intra-day lows.

  • Japan shares are lower but like elsewhere have recovered from earlier lows. The Topix was last around 2244, down ~0.60% for the session. Some support has come from firmer bank stocks, which have risen with local yields (yields have been supported by a weak 20-yr debt sale).
  • The HSI opened down around 2%, but sits back at the break close to flat. The HSTECH index is into positive territory, after being down 2.5% at one stage. Some support is evident around the simple 200-day MA for this index.
  • China's CSI 300 saw demand sub 3800 level, with the index back to 3816 at the break. The HS China Enterprise Index is also back in positive territory reversing earlier losses.
  • The Kospi is tracking down around 0.5% at this stage, while the Taiex in Taiwan is slightly firmer.
  • In SEA, most markets are down, but losses are generally less than 0.50% at this stage.

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