Regional Equities Mixed, China Down On Property Concerns

Asia equities are mixed today with Australia and Japan the standouts. US Equity Futures have been very uneventful today, trading flat but holding onto the late rally post the Treasury cut Jan-March borrow estimates from $816B to $760B, and estimates April-June at $202bn. Hong Kong and Mainland China stocks are sending clear signs that last weeks rescue package wont be enough to support the market and more needs to be done, to support them.

• Japan equity indices are trading higher today. Japan job data was out earlier and was somewhat mixed with the jobless rate ticking lower at 2.4% vs 2.5% est, Nintendo hit all time highs and there has been positive bank earnings numbers. The Topix is 0.26% higher, while the Nikkei is 0.30% higher.
• Hong Kong indices are much lower today as the market continues to react to the China Evergrande news that was out yesterday, traders now believe putting China Evergrande into liquidation will set a dangerous precedent for the rest of Chinas troubled property names, Hong Kong also unveiled details of a new planned security laws, which is weighing on stocks. Currently the Hang Seng is lower by 2.00%, Hang Seng tech index is 2.70% lower, while the Mainland China Property index is down 3.5%.
• Mainland China equities, much like Hong Kong are being dominated by China Evergrande, Chinese builder Radiance holdings has announced it's intention to hold meetings with bond holders of its march 2024 bond, which was last trading 65c on the dollar. China Yields have move to levels not seen since 2002, with the 10Y now trading at 2.46%. Equity Indices are all lower CSI 300 down 0.90%, while ChiNext is 1.10% lower.
• Taiwan is lower today, largely being pulled down by negative sentiment in the region, currently the Taiex is lower by 0.20%.
• South Korea, is flat today with no notable headlines to note.
• Australia had retail sales data out earlier, dropping 2.7% vs expectations of just a 1.7% fall, however the market has brushed that off and is continuing its winning run today, with the ASX 200 trading another 0.45% higher, all sectors are in the green today with tech names leading the way.
• In SEA today, most market are trading higher with the exception of Malaysia and Thailand. Poor results from Indian Banks has been weighing on the market, however the Nifty 50 are clinging onto gains today, currently up 0.15%