Positive Property News Can't Curb Broader Losses For HK/China Shares

China and Hong Kong stock indices are lower, bucking the positive trend seen for most other Asia Pac equities. US futures are higher, buoyed by late earnings new from the US session, notably from Netflix. We are away from best levels though, Eminis peaked close to 3775, but we are now back under 3765. Nasdaq futures have outperformed.

• The HSI is still around 1% lower, as HK Chief Executive Lee speaks during the policy address. Stamp duty for foreigners will be refunded after they stay for 7-yrs. It will also start a scheme to attract high salary earners and top graduates, with visas of 2yrs. The HKEX will also revise listing rules next year to help fund raising for advanced tech companies and SMEs.
• The HSI tech index is still down around 2.5%, but the property sub-index is up nearly 0.9%.
• China stocks are lower, with the CSI 300 off by close to 0.90%, the Shanghai composite is -0.50%, although the property sub-index is close to flat. A number of China property developers are planning to raise funds through state back bond sales, which has helped sentiment at the margin.
• The Nikkei 225 is up around 0.60% at this stage, in in with US tech futures' gains. The Taeix has struggled, down by close to -0.50%, as TSMC has dipped around 2%., The Kospi is in positive territory but only just (last at +0.1%).
• The rest region is positive, although gains are generally below 0.50%.