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Mostly Lower In Asia; Chinese Investors Beat Feet

EQUITIES

Most Asia-Pac equity indices are lower at typing, with broader sentiment sapped by steep declines observed in Chinese and Hong Kong benchmarks.

  • The Hang Seng sits 2.3% worse off at typing, just off freshly-made nine-week lows. China-based tech (HSTECH: -4.3%) led the way lower as worry re: regulatory crackdowns again re-surfaced, with Alibaba Group (-5.8%) leading losses following WSJ source reports of high-profile founder Jack Ma planning to relinquish control of Ant Group. Reports of regulators blocking tech giant Xiaomi’s (-4.0%) EV project did little to help matters as well, seeing the HSTECH hit fresh session lows afterwards. Elsewhere, the Hang Seng’s property (-1.2%) and finance (-1.2%) sub-indices struggled as well, continuing to reflect recent weakness in sentiment towards Chinese property developers.
  • The CSI300 deals 1.1% weaker at writing, hitting fresh six-week lows amidst losses in virtually every sub-index, save a flat showing from Utilities. Richly-valued sectors (such as consumer staples and healthcare) contributed the most to losses, coming as the Chinese leadership has refrained from announcing fresh stimulus at this week’s Politburo meeting despite recent worry from some quarters re: economic growth.
  • The ASX200 sits 0.9% firmer at typing, bucking the broader trend of losses, on track for a fourth straight higher daily close on gains in virtually every sub-index. Commodity-related equities lead the bid, with the energy (+1.0%), materials (+0.8%), and utilities (+2.1%) sub-gauges leading the way higher.
  • U.S. e-minis are flat to 1.2% firmer at typing, sitting a little below their respective best levels made on Thursday.
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Most Asia-Pac equity indices are lower at typing, with broader sentiment sapped by steep declines observed in Chinese and Hong Kong benchmarks.

  • The Hang Seng sits 2.3% worse off at typing, just off freshly-made nine-week lows. China-based tech (HSTECH: -4.3%) led the way lower as worry re: regulatory crackdowns again re-surfaced, with Alibaba Group (-5.8%) leading losses following WSJ source reports of high-profile founder Jack Ma planning to relinquish control of Ant Group. Reports of regulators blocking tech giant Xiaomi’s (-4.0%) EV project did little to help matters as well, seeing the HSTECH hit fresh session lows afterwards. Elsewhere, the Hang Seng’s property (-1.2%) and finance (-1.2%) sub-indices struggled as well, continuing to reflect recent weakness in sentiment towards Chinese property developers.
  • The CSI300 deals 1.1% weaker at writing, hitting fresh six-week lows amidst losses in virtually every sub-index, save a flat showing from Utilities. Richly-valued sectors (such as consumer staples and healthcare) contributed the most to losses, coming as the Chinese leadership has refrained from announcing fresh stimulus at this week’s Politburo meeting despite recent worry from some quarters re: economic growth.
  • The ASX200 sits 0.9% firmer at typing, bucking the broader trend of losses, on track for a fourth straight higher daily close on gains in virtually every sub-index. Commodity-related equities lead the bid, with the energy (+1.0%), materials (+0.8%), and utilities (+2.1%) sub-gauges leading the way higher.
  • U.S. e-minis are flat to 1.2% firmer at typing, sitting a little below their respective best levels made on Thursday.