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Mixed In Asia; Chinese Developers Gain Ahead Of PBOC LPR Fixing

EQUITIES

Chinese, Japanese, and Australian equity index benchmarks sit little changed at writing, with a lacklustre showing from Wall St. on Thursday providing little direction for regional equities (major cash indices closed 0.1-0.2% firmer). Stocks of Chinese developers were notably bid, with participants eyeing the PBOC’s benchmark LPR fixing next week (with BBG median estimates calling for a cut to rates).

  • The Hang Seng outperformed, dealing 0.6% firmer at typing, aided by a strong showing from China-based tech (HSTECH: +1.1%), adding to gains in the properties (+0.5%) and finance (+0.5%) sub-gauges. Some pre-earnings optimism may have also fed into the bid, with the likes of Orient Overseas (+3.5%) and China Merchants Bank (+1.0%) outperforming ahead of their respective earnings calls later today.
  • The CSI300 is little changed after falling by as much as 0.5% earlier, with the benchmark index on track to close virtually unchanged on the week at current levels. A rebound in the consumer staples (+1.1%) sub-index (after a 1.5% lower close on Thursday) was offset by shallow weakness in consumer discretionary and healthcare stocks, while elsewhere, Chinese tech equities are mostly lower,
  • The Nikkei 225 sits 0.1% better off at writing, back from as much as 0.7% higher earlier. The benchmark index is set for its third higher weekly close, with major export-oriented names contributing most to the move higher, aided by recent weakness in the JPY.
  • E-minis sit 0.1-0.2% worse off at writing, having traded comfortably within Thursday’s range in a fairly directionless Asia-Pac session.
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Chinese, Japanese, and Australian equity index benchmarks sit little changed at writing, with a lacklustre showing from Wall St. on Thursday providing little direction for regional equities (major cash indices closed 0.1-0.2% firmer). Stocks of Chinese developers were notably bid, with participants eyeing the PBOC’s benchmark LPR fixing next week (with BBG median estimates calling for a cut to rates).

  • The Hang Seng outperformed, dealing 0.6% firmer at typing, aided by a strong showing from China-based tech (HSTECH: +1.1%), adding to gains in the properties (+0.5%) and finance (+0.5%) sub-gauges. Some pre-earnings optimism may have also fed into the bid, with the likes of Orient Overseas (+3.5%) and China Merchants Bank (+1.0%) outperforming ahead of their respective earnings calls later today.
  • The CSI300 is little changed after falling by as much as 0.5% earlier, with the benchmark index on track to close virtually unchanged on the week at current levels. A rebound in the consumer staples (+1.1%) sub-index (after a 1.5% lower close on Thursday) was offset by shallow weakness in consumer discretionary and healthcare stocks, while elsewhere, Chinese tech equities are mostly lower,
  • The Nikkei 225 sits 0.1% better off at writing, back from as much as 0.7% higher earlier. The benchmark index is set for its third higher weekly close, with major export-oriented names contributing most to the move higher, aided by recent weakness in the JPY.
  • E-minis sit 0.1-0.2% worse off at writing, having traded comfortably within Thursday’s range in a fairly directionless Asia-Pac session.