Mixed Trends In Holiday Impacted Markets

Regional equity markets are mixed today. China and Hong Kong markets are out, which has no doubt reduced liquidity and broader regional participation. Japan shares are mixed, although Goldman's upgraded its Topix target. US futures are a touch lower, with Eminis back closer to 4407, while EU futures are tracking lower.

• Goldman's raised the Topix target to potentially reach 2500 in the next 12 months. That compares with current levels around 2307. The bank cited expectations of corporate reforms and better fundamentals to offshore markets. IT services and electrical machinery are the preferred sub-index overweights.
• The Topix is a little over +0.60% firmer at this stage, while the Nikkei 225 is -0.50%.
• The Kospi is tracking higher in South Korea, last +0.50% higher, despite negative tech leads in US trade on Wednesday.
• The ASX 200 is down sharply, off 1.56%, as material stocks underperform. Bank stocks are also weaker.
• Most bourses in SEA are weaker, with PSEi down 0.55% and 10% off Jan highs. The Philippines has been weighed by planned tax changes to the food and beverages sector.
• Indian shares are a touch higher in early trade, looking to continue he recent run of outperformance, as Modi's visit to the US spurs hope of fresh investment flows.