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Hong Kong Markets Rally On Return, US Futures Higher

ASIA STOCKS
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Asia Pac equity markets have been mixed, with Hong Kong gains a standout. China markets remain closed until the start of next week. US equity futures are higher, close to best levels in recent dealings. Eminis up around 0.50%, Nasdaq futures slightly outperforming at +0.65%.

  • A downtick in US yields is likely helping broader sentiment, although Tsy futures are off post FOMC highs. Powell was less hawkish than feared and noted the next policy move was unlikely to be a hike.
  • Hong Kong markets have re-opened to positive momentum. We sit up 2.2% at the break for the HSI. Gains have been fairly broad based, with the tech sub index up 4%. Positive carry over from the end April Politburo meeting (which emphasized aiding demand) is likely helping today's moves.
  • The US has sanctioned firms in China for support around Russia's war effort, while Huawei Lab has reportedly been barred by US regulators from approving tech use in US markets (per BBG). Still, these announcements haven't impacted broader sentiment.
  • Elsewhere, Japan markets sit a touch higher. Focus remains on yen volatility, as the authorities look to have intervened at the start of the Asia Pac/late NY session.
  • The Taiex and Kospi are both tracking lower. This follows a sharp fall in the SOX in US trade, amid disappointing earnings.
  • The ASX 200 is tracking 0.40% higher in Aust.
  • In SEA, trends are mixed. Indonesian markets are off 1.50%, while trends are more positive elsewhere.
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Asia Pac equity markets have been mixed, with Hong Kong gains a standout. China markets remain closed until the start of next week. US equity futures are higher, close to best levels in recent dealings. Eminis up around 0.50%, Nasdaq futures slightly outperforming at +0.65%.

  • A downtick in US yields is likely helping broader sentiment, although Tsy futures are off post FOMC highs. Powell was less hawkish than feared and noted the next policy move was unlikely to be a hike.
  • Hong Kong markets have re-opened to positive momentum. We sit up 2.2% at the break for the HSI. Gains have been fairly broad based, with the tech sub index up 4%. Positive carry over from the end April Politburo meeting (which emphasized aiding demand) is likely helping today's moves.
  • The US has sanctioned firms in China for support around Russia's war effort, while Huawei Lab has reportedly been barred by US regulators from approving tech use in US markets (per BBG). Still, these announcements haven't impacted broader sentiment.
  • Elsewhere, Japan markets sit a touch higher. Focus remains on yen volatility, as the authorities look to have intervened at the start of the Asia Pac/late NY session.
  • The Taiex and Kospi are both tracking lower. This follows a sharp fall in the SOX in US trade, amid disappointing earnings.
  • The ASX 200 is tracking 0.40% higher in Aust.
  • In SEA, trends are mixed. Indonesian markets are off 1.50%, while trends are more positive elsewhere.