Off Best Levels; Tech Leads Gains Post-FOMC

Asia-Pac equity indices are broadly off best levels seen earlier in the session, as spillover from the FOMC-inspired bid in U.S. equities on Wednesday (that saw the NASDAQ lead peers at +4.1%) has faded from its extremes. High-beta equities region-wide nonetheless lead the way higher, with energy-related stocks outperforming amidst a rally in major crude benchmarks as well.

• The Hang Seng lags peers at -0.6%, operating a little above session lows at typing. The property (-1.3%) and financials (-0.9%) sub-indices again lead losses amidst the latest round of worry in China’s property sector, with real estate giant Country Garden Holdings’ (-2.5%) stock hitting 1-year lows at typing. The HSTECH is back from best levels of as much as +1.4% higher, sitting 0.3% better off at typing amidst a weak showing from Chinese tech large-caps.
• The Nikkei 225 is off best levels after briefly breaching the 28’000 mark for the first time in seven weeks, dealing 0.2% higher at writing. The utilities and energy sectors lead gains in the index, countering losses in financials and consumer staples.
• The ASX200 trades 0.9% higher at typing, on track for a third straight higher close, with gains in tech (S&P/ASX All Tech Index: +2.3%) and the materials sub-index (+1.8%) easily offsetting shallow losses in utilities and healthcare.
• U.S. e-minis sit 0.1-0.4% weaker at typing, but are nonetheless off worst levels, and holding on to the bulk of their post-FOMC gains as we head into European hours.