Mixed Trends, China Bourses Weighed By Weaker Real Estate Index

Asia Pac equities are mostly lower in Thursday trade to date. Japan markers are the main positive, with most other major indices tracking lower, or close to flat. US futures are a touch higher, Eminis last near 4529, +0.10% firmer and holding close to recent highs. Nasdaq futures are also tracking firmer, last near 15515,

• China shares are weaker at the break. The CSI 300 down 0.54%, with the real estate sub index off 4.37%, nearly unwinding all of the gains seen over the prior 3 sessions. In the past day, 2 China mega cities have eased mortgage rules (see this link) but this hasn't aided sentiment today. Weekend news from the SCMP suggested Shanghai was unlikely to relax restrictions much.
• The official PMI prints were mixed for August, with manufacturing recovering further to 49.7, while services eased more than expected to 51.0.
• The HSI is also down at the break, off by 0.26%. The HSTECH is up by 0.40%, by well down on earlier highs. The authorities reportedly approved public AI rollout for a number of companies. PBoC Governor Pan also vowed further funding support for the private sector.
• Japan stocks are firmer, the Topix last +0.75%, the Nikkei up by a similar amount. Toyota July output was a record and the firm expects to make over 10m cars this year.
• Despite positive tech leads through Wednesday US trade, the Kospi (-0.40%) and Taiex (-0.35%) are both weaker.
• Philippine stocks are also down, by just over 1%., unwinding some of the recent rebound. This market is tracking over 5% lower for August.