Mixed Performance, Hawkish Central Bank Comments Unnerve Some Markets

Equities across the region were mixed with a number of markets closed. HK/China are down, Australia/Taiwan flat but Japan higher. The S&P e-mini is slightly higher around 4420 and Nasdaq futures up 0.1%.

• The Hang Seng is the underperformer today falling 1.6% with the CSI 300 performing better only down 0.4%. Comments from major central banks that rates need to go higher plus robust US data spooked these markets. Korea was also lower with the Kospi -0.2%.
• The Nikkei bucked the trend rising 0.4% to be 1.6% higher on the week. The weak yen is supportive of exports.
• The ASX was flat, despite better than expected May retail sales, but the NZX rose 0.4%.
• With most of ASEAN shut, SE Thai outperformed rising 1.3% and the Philippines PSEi +0.6%, performing a lot better than north Asia.
• Indonesia, India, Malaysia and Singapore are all closed today for the Eid-al-Adha holiday. Indonesia is closed again tomorrow.