Regional Markets On Positive Footing, As Eminis Through Friday's Peak

All major equity indices are firmer today. This follows the strong positive lead from offshore markets through Friday's session, while US equity futures have firmed further today.

• Encouragingly, S&P 500 e-minis are through Friday’s peak. The contract printed a high of 3,931, before selling interest emerged. The next meaningful technical resistance zone located at the Dec 15/13 highs (4,043.00/4,180.00), with the latter representing the bull trigger. Carry over from Friday's session (buoyed by lower US yields/softer US data outcomes) has continued in Asia Pac trading.
• China headlines have remained positive in terms of PBoC officials talking up the growth outlook, while a number of cities set 2023 GDP growth targets at least of 5.5%. Elsewhere health officials have also talked down the likelihood of fresh covid waves during the LNY period.
• The FT reported though the authorities will stop allowing companies in certain sectors to list as the authorities target strategic industries.
• The HSI is tracking 1.65% firmer, the CSI around 0.65% at this stage.
• The Kospi is the best performer +2.60%, while the Taiex is +2.2%. This followed tech outperformance on Friday. Offshore investors have added further to Korean shares today (+$311.6mn).