Off Worst Levels; Travel Stocks Rebound

Major Asia-Pac equity indices are mostly off worst levels and sit between 0.1-1.0% softer at writing, with a negative lead from Wall St. waning throughout the session alongside an uptick in e-minis.

• The Hang Seng is 0.4% worse off at writing, back from as much as 1.9% lower earlier, with a sharp reversal in China-based tech (HSTECH: +0.8% from -2.5% earlier) contributing the most to the paring of losses.
• The Chinese CSI300 (-0.6%) was weaker as well, with industrials leading the way lower as official m’fing PMIs pointed to a second straight month of contraction (despite marginally beating expectations).
• The ASX200 is 0.2% softer at writing, with commodity-related sectors providing the most drag in the wake of Tuesday’s fall in commodity prices, offsetting a strong showing from high-beta tech and healthcare equities (S&P/ASX All Tech Index: +1.4%).
• The Nikkei 225 trades 0.4% lower on losses in virtually every sector, with transport-related stocks (airlines and trains) catching a bid on Japanese PM Kishida’s earlier announcement re: the easing of travel restrictions.
• The Taiex (+0.5%) and Kospi (+0.3%) bucked the broader trend of declines, with Korean travel-related stocks leading the way higher as the country announced their own plans to ease COVID measures for travellers, adding to continued outperformance in major exporters.
• E-minis are 0.6-0.7% firmer apiece, working away from their respective, fresh one-month lows made on Tuesday.