Lower In Asia; Chinese Property And Tech Underperform

Asia-Pac equity indices have mostly held on to their earlier, Pelosi-induced lows, with high-beta equities continuing to lead losses across the region despite earlier confirmation that the U.S. House Speaker had landed in Malaysia (instead of Taiwan).

• The Hang Seng brings up the rear amongst peers, sitting 2.7% worse off, on track for a third consecutive lower daily close with virtually every constituent in the red at typing. China-based tech posed the most drag on the index, with the HSTECH dealing 3.9% weaker at writing, adding to steep sell-offs witnessed in the property (-2.4%) and finance (-2.4%) sub-gauges as well.
• The CSI300 is 2.5% worse off, a little above fresh eight-week lows made earlier in the session. The richly-valued consumer staples and healthcare sub-indices lead the way lower, while elsewhere, tech equities have struggled, with the ChiNext index operating a little above session lows at 2.7% lower as well.
• Chinese property stocks (CSI 300 Real Estate Index: -2.4%) have also extended their recent run of losses, with investors looking through a pledge by the PBOC on Monday to stabilise loan growth and facilitate financing for the country’s property sector.
• The ASX200 is 0.2% worse off, back from lows of as much as 0.7%, and narrowly on track to snap a five-session streak of higher daily closes. Losses in the materials (-1.7%) and energy (-1.0%) sub-indices were largely able to offset shallower gains across other sectors, with the major miners dealing 2.1-3.1% weaker apiece at typing.
• E-minis sit between 0.3-0.4% lower, a little above their respective session lows at typing.