Most Major Indices Higher, Mixed Trends in SEA

Major indices in North East Asia are higher, while China headline bourses are flat, although property sub-indices are doing better. Trends are more mixed in South East Asia. US futures sit marginally firmer at this stage, ahead of key US CPI data later. Eminis late near 4680, while Nasdaq futures are outperforming at the margin, last 16469.

• US Tsy yields couldn't sustain early upside, with the back end of the curve around 2bps lower at this stage. This has likely helped equity sentiment at the margin.
• The HSI is up 0.85% at the break, with the tech sub index up +1.65%. China's CSI 300 and Shanghai Composite indices are close to flat at the break, but the break, but property sub indices are notably higher.
• Share buy back announcements are helping the CSI 300, while potentially more fiscal stimulus may be a priority next year as the Central Economic Work Conference meeting is expected to conclude today. This meeting will also focus on 2024 economic targets.
• The Kospi and Taiex are marginally higher, despite a strong lead from the SOX in Monday US Trade. In Japan, the Topix is close to flat, while the Nikkei 225 is +0.30%.
• In SEA, Thailand stocks continue to underperform, down nearly 0.40. We may see fiscal news outlined by the government later. Other markets are either flat or modestly higher at this stage.