Japan Equity Rally Loses Momentum, China Property Stocks Still Pushing Higher

Regional equities are mixed. Japan equity weakness was a feature early, but these markets have pared losses. China and HK are showing contrasting trends, with further chat in onshore media of China property market support. Most SEA markets are lower. US futures have largely been on the sidelines. Eminis last around 4294, +0.10% so far for the session.

• The early weakness in Japan stocks didn't appear fundamentally driven, with some consoldiation evident after an impressive 4 day rally. The Nikkei 225 last sat around 32270, against early lows of 32000. This is still around 0.75% sub yesterday's closing levels.
• The headline CSI 300 is down by 0.36% at the break, although the property sub index is up 0.92%. A local media report highlighted that further stimulus may come for the sector in June.
• The HSI is up nearly 1% at the break, the HS TECH index up 2%, with a potential Blinken trip to China in coming weeks a sign of some thawing in US-China tensions, a positive catalyst.
• The Taiex is +0.80% following the positive lead from the SOX in Tuesday US trade, while the Kospi is around 0.30% firmer as South Korean markets return from yesterday's holiday.
• In SEA, only the Philippines bourse is higher at this stage.