Major Indices Consolidate, Resource Plays Outperform

Major indices have to a large extent consolidated today, ahead of key event risk in the US session with the CPI print. US futures are slightly higher, eminis last near 3995, but unable to crack the 4000 level.

• HK and China mainland stocks are down slightly. The HSI off 0.30%, with tech names underperforming in what looks like profit taking flows after the recent rally.
• The CSI 300 is off by less than -0.10%. Inflation data suggests we may be past the downtrend in price indicators.
• The Kospi is +0.50%, back to mid-Dec highs, with offshore investors continuing to add to local shares. The Taiex is down slightly at -0.20%, despite a TSMC profit beat.
• The ASX 200 is +1.20%, again buoyed by mining related stocks.
• The Philippines bourse is +1.2%, with the BSP Governor hinting of a RRR cut in the first half, which has aided financial names. JCI in Indonesia is also 1% higher, unwinding some of the recent underperformance trend. Higher commodity prices likely helping at the margin.