Most Major Indices Modestly Lower

(MNI Australia) Asian equities are mostly lower, albeit with losses being fairly modest across the major indices. Japan and HK indices are down around 0.2%, while China stocks are mixed. South Korea is one of the few bright spots. US equities futures are around 0.20/0.25% higher at this stage.

• The CSI 300 is tracking around +0.10% firmer at this stage, but the Shanghai Composite is off by a similar amount. China Apr inflation data came in weaker than expected, weighing on the recovery theme, whilst fresh concerns around additional restrictions on cross-broader data flows is another headwind, amid China's expansion of its anti-espionage laws.
• The HSI opened up firmer but couldn't sustain positive gains. The headline index back to -0.20%. We were +0.40% higher at the open. Some of the factors outlined above may be weighing on sentiment at the margins.
• The Topix is down 0.20%, with transportation stocks lower. The Kospi is doing better, +0.30% after firm tech related gains in US trade on Wed. Still, this is doing little for Taiwan stocks, the Taiex down 0.75% at this stage, with TSMC the main source of weakness.
• The ASX 200 is off by 0.15%. Lower iron ore prices likely weighing at the margins.
• In SEA, the JCI is off 1.30% in Indonesia, the index is now back to late Mar levels.