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Off Best Levels

EQUITIES

Major Asia-Pac equity indices are broadly off best levels but remain bid as we head towards the end of Asia-Pac dealing, with tailwinds from Wall St's strongly positive lead aiding the overall move higher.

  • The Nikkei 225 is 0.6% better off, back from as much as 1.0% higher. Tech and export-focused large caps contributed to the bulk of gains in the Nikkei, with the broader TOPIX trading flat at writing by comparison.
  • The ASX200 deals 0.1% firmer at typing, paring initial gains of as much as 0.7% on weakness in the materials (-1.0%) and energy (-1.9%) sub-gauges, neutralising the bulk of gains in tech (S&P/ASX All Tech: +2.7%) and financials (+0.6%).
  • The Hang Seng Index sits 1.5% better off at typing, back from session highs as China-based tech equities (HSTECH: +2.2%) have pared their initial bid, while initially decent showings from the financials (+1.0%) and property (+0.8%) sub-indices have moderated as well.
  • The CSI300 is 0.3% better off at writing, backing away from session highs at around 1.0% higher as tech-related equities have given up their initial bid (ChiNext: +0.0%). Richly-valued consumer staples and healthcare equities nonetheless lead the way higher, with modest gains observed in utilities as well on the back of reports pointing to China’s State Grid planning to commence work on an increased amount of ultra high-voltage infrastructure in H2 ‘22.
  • The Taiex trades 0.8% lower at typing, operating a shade above session lows amidst news that the Chinese military has commenced a five-day series of drills near the island.
  • E-minis are flat to 0.2% weaker at writing, sitting a little below their respective U.S. earnings-induced highs made on Wednesday.

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