Mostly Higher As U.S. CPI Worry Set Aside

Asia-Pac equity indices are mostly better off at typing with several EM equity indices outperforming, bucking a negative lead from Wall St.

• The Nikkei 225 leads gains amongst major regional peers, sitting 1.7% better off at writing, largely reversing Tuesday’s decline in the process. Index heavyweights Fast Retailing and Tokyo Electron led gains, with broader gains across virtually all sub-indices neutralising notable weakness in financial-related names.
• The Chinese CSI300 underperformed, dealing 0.5% worse off at writing after opening lower. Cyclical equities bore the brunt of the downward pressure as the current trajectory of the country’s COVID-19 outbreak remains uncertain, with Nomura estimating that >25% of the country's population have been placed under either partial or full movement restrictions.
• The Hang Seng reversed opening losses to deal 0.2% higher at typing, with a rise in a gauge of real estate names countered by a downtick in utilities and financials sub-indices. Large-cap tech names contributed the most to the Hang Seng’s gains, with Tencent Holdings and JD.com Inc on track to lodge a second straight day of gains, broadly outperforming their China-based tech peers such as Alibaba and Meituan.
• U.S. e-mini equity index futures trade 0.4% to 0.5% higher at writing, operating a touch below session highs heading into European hours.