Major Asia Pac Indices Tracking Lower, Eminis Just Above 200-Day EMA

Major regional Asia Pac equity indices are tracking lower, amid continued pressure from higher US yields, as the Fed's higher for longer theme continues to dominate broader sentiment. Only a handful of markets in South East Asia are tracking higher at this stage. US futures are lower. Eminis last near 4364, and not too far off the 200-day EMA (around 4355). The active contract is down 0.31%, while Nasdaq futures are -0.38% weaker this stage.

• US government yields are around 2bp firmer across the curve in Tuesday trade to date, building on solid gains from Monday's session. This is boosting the USD and weighing on broader risk appetite in the equity space.
• South Korea shares are the weakest performers, the Kospi off by around 1.25% at this stage. The headline index is now sub its simple 200-day MA. The Taiex is also weaker, down 0.80% at this stage. Japan's Topix is off ~0.55%, with Toyota losses weighing on aggregate trends.
• At the break, the HSI is down 0.84%. The index is back to late November 2022 levels. The CSI 300 is down 0.45%, with the index back sub 3700.
• In SEA, Thailand stocks are finding some support off the 1500 level (SET up 0.30%). Philippines PSEi is outperforming up +1.22%, with local banks surging on hawkish BSP rhetoric from yesterday.