HSI Threatening Move Back Sub 200-day MA

Regional equities are mostly weaker so far in the Wednesday session. Weakness is evident in HK and China equities, as recent gains on stimulus hopes are unwound further. Other bourses are tracking higher though, most notably Japan, but gains are modest at this stage. Following US/EU equity losses from Tuesday, futures for both markets are tracking a touch higher at this stage, although more so for the EU.

• The HSI is slightly above session lows at the break, down 1.90%, which puts the index just below its 200-day MA (19263.35). Tech index losses are weighing, the sub-index down a further 2.2%, the third straight session of losses. The Golden Dragon index fell nearly 5% in US trade on Tuesday.
• China's CSI 300 is back sub 3900, off 0.62% at the break. Calls for further stimulus continues from various China officials, including some linked closely to President Xi Jinping (see this link for more details). Per Reuters reports, US President Biden referred to China President Xi Jinping as a dictator, at a campaign rally in California.
• The Kospi and Taiex are tracking lower, more so the Kospi (-0.70%) as recent tech gains in global indices unwind gains. Reasonable offshore selling is also evident for Korean shares (-$303.2mn at this stage).
• Japan stocks are doing better, the Nikkei 225, +0.55% firmer.
• In SEA Thai stocks are off by 0.70%, but Singapore and Malaysian stocks are higher, while Indian stocks have started positively.