Little Spill Over From Alibaba Surge

Much of the focus today has been on firmer HK and China related tech shares, following the Alibaba re-organization news. The spill over to the rest of the region has been fairly limited though. US equity futures are firmer, with Micron's positive earnings guidance post the Tuesday close, helping at the margins (Eminis and Nasdaq futures are +0.40/+0.50% higher at this stage).

• The HSI sits close to 2% higher, but we are down from early session highs. We were 3% higher in early trade. The HS Tech index has followed a similar trajectory, last up around 2.70%.
• Alibaba is around 13% higher, as the company plans to split up into 6 groups, which could result in fresh IPOs.
• The HS China Enterprise index is around 2.1% higher. Mainland China stocks aren't showing a hugely positive trend, with the CSI 300 up around 0.25%, while the Shanghai Composite index is down slightly at this stage. Northbound stock connect flows are firmer though, +2.84bn yuan for the session so far.
• The Topix has seen some positive spill over from the Alibaba bounce, +0.75% at this stage. The Taiex is a touch higher (+0.15%), while the Kospi is around flat.
• SEA stocks are mostly positive, although gains are under 1% at this stage.