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PBOC's Lack Of Liquidity Drags China Lower

EQUITIES

Another mixed day for equity markets in the Asia-Pac time zone. Markets in mainland China and Hong Kong are lower, the PBOC drained liquidity from the system at the MLF operations, which was interpreted by the market as implied tightening and put downward pressure on equity markets. In Japan markets are seeing slight gains, helped higher by Softbank after reports the Vision Fund could hit profit of $30bn in Q1. US futures fluctuated with the Nasdaq struggling to move higher after Coinbase reversed initial gains on its trading debut, while bank stocks helped support S&P 500 and Dow futures.

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