Mixed In Asia; Chinese GDP Provides Little Relief

Major Asia-Pac equity indices are mixed at writing, with Japanese and Chinese equities broadly underperforming.

• The Nikkei 225 brings up the rear amongst its major regional peers, rising from session lows to sit 1.4% weaker at typing. ~200 of the index’s 225 constituents are in the red, with large-cap names such as Nintendo Co and Fast Retailing Co leading losses. The financials sub-index bucked the broader trend of losses amongst peers, trading 0.8% higher largely on outperformance in Credit Saisson Co.
• The CSI300 deals 0.9% softer at typing, rising from session lows on the mixed Chinese Q1 GDP release (that saw faster GDP growth, but weaker retail sales and the highest jobless rate since May ‘20). Consumer staples and financials equities struggled, while stocks in semiconductor, automobile, and medical equipment production were notably bid, benefiting from the Chinese authorities announcing on Friday that 666 companies in those sectors would be allowed to resume production in Shanghai. The tech-heavy STAR50 has correspondingly caught a bid, trading 2.7% higher at writing.
• U.S. e-mini equity index futures sit 0.2% to 0.9% worse off at typing, with relatively high-beta NASDAQ contracts leading losses.