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Positive Momentum Persists

EQUITIES

Asia Pac equities (ex Japan) are mostly higher. Markets have shrugged off generally poor economic data throughout the Asia Pac region. US futures are up slightly, with the major bourses firmer by +0.10/+0.20%.

  • Onshore China markets have ticked higher, although gains are more modest compared to yesterday's session, with the CSI 300 and Shanghai Composite +0.10% higher at this stage.
  • Covid cases ticked modestly lower again, while the market appeared to interpret the weaker official PMI prints as a sign that Covid restrictions need to be eased further to turn economic momentum around. This is likely to remain a delicate balancing act though, as we head into the winter months.
  • The HSI is up 1%, while the Kospi (+1%) and Taiex (+0.85%) have performed strongly as well.
  • The ASX 200 is firmer by 0.43%, as resource names lead the move higher. Japan stocks remain laggards, the Nikkei 225 down 0.40%.
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