Most Markets Follow US/EU Lead Lower

(MNI Australia) Most regional equity markets are down at the start of this week, in line with US/EU bourse weakness from Friday's session. US equity futures are tracking higher but are only just in positive territory at this stage and comfortably down from best levels.

• Hong Kong equity market sentiment has again been volatile. Early positive sentiment in the tech index couldn't be sustained, with the sub-index last down 0.43%, (gains were above 2% earlier). The overall HSI is tracking -0.5% lower at this stage. Property stocks have also weighed amid fears of further fund placements by developers.
• Mainland China stocks are also down, the CSI 300 off by 1%. Covid fears are still weighing, as Shanghai will close most schools amid surging case numbers. The conclusion of the CEWC meeting, which vowed to boost domestic demand next year, has been offset by the headwinds.
• Tech sensitive plays are mostly lower, with the Nikkei 225 down over 1%.
• The Philippines main bourse is down 1.44%, mainly due to PDLT weakness amid reports of governance/budget issues.
• Indian shares, +0.40% in the first part of trading are one of the few positive stories in the region today.