Lower In Asia; Chinese Real Estate Catches Bid On Vanke Comments

Asia-Pac equity indices are mostly lower at typing, with the MSCI Asia Pacific Index on track to break a four-day streak of gains. Tech equities region-wide have borne the brunt of the session’s downward pressure, tracking a similar performance from the tech-heavy NASDAQ in Tuesday’s NY session.

• The CSI300 sits 0.8% lower at typing, with losses in consumer staples dragging the index lower. Chinese property stocks bucked broader losses with the CSI300 Real Estate Index dealing 5.6% firmer at typing, catching a bid after The Paper reported comments by China Vanke Chairman Yu Liang at Vanke’s AGM on Tuesday that “in the short-term, the market has bottomed out”.
• The Hang Seng leads losses amongst regional peers, trading 1.8% lower, with >80% of the index’s constituents in the red at typing. China-based tech underperformed, seeing the Hang Seng Tech Index deal 3.0% worse off, neutralising minor gains seen in the real estate sub-index (+0.3%).
• The Nikkei 225 sits a little above session lows, dealing 1.1% weaker at typing. Utilities lead gains on gains in Tokyo Electric Power Co, with residents in Tokyo asked to restrict electricity usage for a third day amidst an ongoing heatwave. Large-cap and tech-related stocks contributed the most to losses, with a sub-gauge of information technology equities sitting 2.1% worse off at writing.
• The ASX200 sits 1.1% worse off at typing, with limited gains in energy and financials countered by broader weakness across virtually every other sector. Tech names lead losses here as well, with the S&P/ASX All Technology Index dealing 3.7% weaker at writing.
• U.S. e-mini equity index futures deal 0.2% firmer apiece, operating well within the bottom end of their respective ranges made on Tuesday at typing.