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A quiet macro backdrop made for a limited Asia-Pac session, at least within the major regional equity index space, after a solid Monday rally for global equities (surrounding the well-documented Moderna COVID vaccine trial developments), with at least some of Monday's Asia-Pac rally being attributed to expectations surrounding the vaccine trial (as we flagged at the time).

  • Rotational flows into cyclicals continue to be eyed.
  • The CSI 300 has seen some marginal underperformance, with continued focus on recent local bond defaults/liquidity stress points & the clampdown on the FinTech sector.
  • E-minis were marginally mixed, with the announcement of Tesla's inclusion in the S&P 500 providing some light outperformance for the NASDAQ 100 contract.
  • Nikkei 225 +0.2%, Hang Seng +0.1%, CSI 300 -0.3%, ASX 200 +0.1%.
  • S&P 500 futures -16, DJIA futures -96, NASDAQ 100 futures +3.
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