Positive Sentiment Far From Uniform

There have been some pockets of green in Asia Pac equities, aided by higher US futures (last around +0.70% for Eminis). Cross asset signals from a lower USD/UST yields have helped as well. However, gains have been far from uniform.

• China stocks are smalls up (the Shanghai composite index around +0.25%). Earlier reports of support from local fund managers helped (see this link for more details). However, weaker industrial profits data for August (-2.1%), amidst high operating costs, was a reminder of China's soft economic backdrop and likely curbed gains.
• The HSI is down around 1%, continuing to trend lower. Japan stocks outperformed up around +0.50%.
• Taiwan shares (+0.40%) outperformed South Korea's Kospi (-0.60%), as the Taiwan regulator stated it would consider a ban on short-selling if needed.
• Philippines stocks are sharply lower, as markets returned from yesterday's holiday. The main bourse is off close to 4%. The brings the index down 20% from February highs.
• The ASX 200 is up by 0.30%, driven by higher mining/energy related stocks. Still this only unwinds part of yesterday's 1.60% fall.