Most Markets Lower, HK Up On Tech Rebound

Asia equities have opened mostly lower today, largely on the back of the FOMC rate decision and Powell's comments around not cutting in March. While regional PMI Data is out today, helping some local markets, with most indices gaining ground in January.

• Japan equity indices are lower across the board today, the biggest news coming out is from Aozora Bank, as their shares plunged 20% on the back of losses in their US commercial property exposure, this coming on the back of NY Community Bancorp slashing it's dividend and stockpile reserves, due to bad loan exposure to US property, causing the stock to fall 38%. Currently the Topix is 0.66% lower, while the Nikkei trades 0.80% lower.
• Hong Kong & China indices are mixed today, Hang Seng is trading 0.25% higher, while the tech index is up by 1.00% . Property names are lower again after new home sales from the nation’s largest developers tumbled and “underwater mortgage” levels in Hong Kong surged to a two-decade high, with Mainland Properties index lower by 1.1%.
• China saw PMI data out just before, holding steady at 50.8, however this hasn't been enough to stop the slide in stocks, CSI 300 is lower by 0.25%, while Shanghai Composite is off 1% with PetroChina, contributing the most to the fall.
• South Korea equities indices are higher today as PMI data showed a return to growth 51.2 up from 49.9 in Dec, while headlines out earlier from the Finance Minister around resolving the "Korea Discount" in stock markets are helping push the Kospi higher, currently up 1.1%
• Taiwan PMI out earlier improved from last month at 48.8 vs 47.1, the Taiex is currently trading 0.20% lower.
• Australia equities, have given all gains from yesterday back, after Powell dampened hope of a US rate cut in march, the ASX200 is trading lower by 1.00%
• Elsewhere in SEA, PMI data has been released showing Indonesia the standout in the region with PMI 52.9 vs 52.2, equities higher by 0.20%, elsewhere Thailand's PMI data improved from last month, but still showing signs production is contracting 46.7 vs 45.1, equities lower by 0.50%, while Philippines PMI fell to 50.9 vs 51.50 last month with equities lower by 0.25%