Japan Stocks Hit Multi-Decade Highs, China Markets Struggle Amid Data Misses

Regional equities are once again trading mixed. Japan stocks remain solid performers, with the Topix printing multi decade highs. Weaker April activity data has weighed on China equity bourses, although losses haven't been large. Hong Kong equities are also still higher at this stage. US futures are in the red with Eminis down ~0.20%, last near4142.

• Japan's Topix is around +0.50% at this stage, which is fresh highs back to August 1990 (last near 2125.00 in index terms). A combination of positive earnings momentum, share buybacks and continued inflows (both domestically and from abroad) is aiding sentiment.
• The CSI 300 is down slightly, while the Shanghai Composite is flat. Weaker April activity figures have weighed at the margin. We have seen Northbound stock connect outflows today (-3.92bn yuan), the first daily outflow since the 4th of May (if sustained for the rest of the session).
• The HSI is +0.39% at this stage, we did see a surge in the Golden Dragon index in US trade on Monday (+4.07%). Famed money manager Michael Burry increased holdings in Alibaba and JD.com, which aided sentiment in the tech space.
• The ASX 200 is down -0.30%, with the softer Westpac/ANZ consumer sentiment readings weighing on consumer related stocks. Miners have also been indifferent with commodity prices struggling somewhat post the China data.
• The Kospi is up +0.10%, but the Taiex has outperformed +1.35%, following a strong gain for the SOX index in US trade on Monday.