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Mixed Bag As Hong Kong and Chinese Equities Outperform; Commodities Continue Decline

EQUITIES

Major Asia-Pac equity indices are virtually unchanged to higher at writing, bucking a mildly negative lead from Wall St.

  • The Japanese Nikkei 225 has shed early gains to sit a little below neutral levels at typing, with materials and energy-related equities underperforming amidst a continued decline in major commodity benchmarks (BCOM: -1.3%). Financials posted a largely flat performance, while major exporters are mostly lower amidst the latest round of gains in the yen.
  • The Hang Seng Index outperformed regional peers, dealing 1.0% firmer to revisit session highs after rebounding from neutral levels mid-way through the morning session. China-based tech leads the bid after BBG source reports late in Wednesday’s Asian session pointed to Ant Group applying for a license with the PBoC to become a financial holding company, with sentiment in the likes of Alibaba Group (+4.7%), Tencent Holdings (+1.8%), and Baidu Inc (+1.4%) benefitting from the development.
  • The CSI300 sits 0.5% better off at typing, outpacing most regional peers as remarks delivered by Chinese President Xi Jinping to the BRICS summit re: meeting China’s economic goals for ‘22 have again raised hopes for policy stimulus, given the country’s well-documented growth difficulties in the face of the standing COVID-zero policy.
  • The ASX200 deals 0.2% higher at writing on strength in tech-related names, with the S&P/ASX All Technology Index sitting 0.8% better off, led by gains in favoured names such as Block Inc (+3.9%) and Xero Ltd (+2.0%). Major mining stocks were generally worse off, with the ASX300 Metals and Mining Index shedding 2.8% on aforementioned weakness in commodity benchmarks.
  • U.S. e-minis sit 0.2% worse off apiece at typing, off worst levels, but struggling to rise above neutral levels throughout Asia-Pac dealing with previously-flagged worry re: a Fed-led recession evident.
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Major Asia-Pac equity indices are virtually unchanged to higher at writing, bucking a mildly negative lead from Wall St.

  • The Japanese Nikkei 225 has shed early gains to sit a little below neutral levels at typing, with materials and energy-related equities underperforming amidst a continued decline in major commodity benchmarks (BCOM: -1.3%). Financials posted a largely flat performance, while major exporters are mostly lower amidst the latest round of gains in the yen.
  • The Hang Seng Index outperformed regional peers, dealing 1.0% firmer to revisit session highs after rebounding from neutral levels mid-way through the morning session. China-based tech leads the bid after BBG source reports late in Wednesday’s Asian session pointed to Ant Group applying for a license with the PBoC to become a financial holding company, with sentiment in the likes of Alibaba Group (+4.7%), Tencent Holdings (+1.8%), and Baidu Inc (+1.4%) benefitting from the development.
  • The CSI300 sits 0.5% better off at typing, outpacing most regional peers as remarks delivered by Chinese President Xi Jinping to the BRICS summit re: meeting China’s economic goals for ‘22 have again raised hopes for policy stimulus, given the country’s well-documented growth difficulties in the face of the standing COVID-zero policy.
  • The ASX200 deals 0.2% higher at writing on strength in tech-related names, with the S&P/ASX All Technology Index sitting 0.8% better off, led by gains in favoured names such as Block Inc (+3.9%) and Xero Ltd (+2.0%). Major mining stocks were generally worse off, with the ASX300 Metals and Mining Index shedding 2.8% on aforementioned weakness in commodity benchmarks.
  • U.S. e-minis sit 0.2% worse off apiece at typing, off worst levels, but struggling to rise above neutral levels throughout Asia-Pac dealing with previously-flagged worry re: a Fed-led recession evident.