Lacking A Firm Sense Of Direction

There was nothing in the way of clear direction for the equity space during Asia-Pac hours, with e-minis operating either side of unchanged, while the major regional equity indices struggled for any real sense of cohesion.

• Reports pointing to fresh legal worries surrounding Facebook weighed on sentiment early on, before e-minis moved into positive territory, but it was generally a limited Asia-Pac session.
• U.S. President Trump continued his bullish stance re: COVID-19 vaccine matters, suggesting a vaccine could be "ready" in as little to 3-4 weeks. Take from that what you will.
• Stepping back, J.P.Morgan have noted that for quarterly U.S. equity rebalancing flows, "we estimate around $200bn of negative rebalancing flow by entities that tend to rebalance on a quarterly basis, such as US defined benefit pension plans, Norges Bank, i.e. the Norwegian oil fund, and the Japanese government pension plan, GPIF."
• Nikkei 225 +0.1%, Hang Seng unch., CSI 300 unch., ASX 200 +0.8%.
• S&P 500 futures +3, DJIA futures +31, NASDAQ 100 futures +10.