Mostly Down (Ex Japan), China Q1 GDP Beat Fails To Inspire

Regional equities are mostly lower, with Japan markets the only real positive standout. China related shares haven't received much benefit from the Q1 GDP beat, but monthly March activity figures were mixed. US futures have been relatively quiet, but sit down slightly at this stage.

• The China Q1 GDP report showed a beat (4.5% y/y, 4.0% forecast), while Q4 growth was revised up from flat to positive. Still the CSI 300 is only just positive, the Shanghai Composite around flat. Monthly activity indicators for March showed IP and property related investment still trailing expectations. Retail sales provided a solid beat though.
• The HSI popped higher on the data releases but lost traction soon after. We now sit 0.75% lower, with tech and bank related stocks weighing.
• Bank stocks in Japan have helped the main index post a gain, likely reflecting positive spillover from recent US bank earning results. The Topix headline is up around 0.7% at this stage.
• The Kospi is down 0.50%, weighed by automakers, as their EVs were deemed ineligible for a $7500 US tax credit. The Taiex is down 0.6%, in line with a softer SOX tone during Monday's session.
• In SEA, outside of Indonesia stocks (up around 0.60%) we are tracking lower.