Regional Tech Leads The Way Post The Fed

Regional equities are mostly higher, following the positive US tone from Wednesday, with higher futures (S&P +0.25% & Nasdaq +0.85%) today also helping. The beta with respect to US moves remains a touch lower within the region, but the risk on tone is clearly evident. Tech plays have outperformed in the region today, as the market continues to digest Fed moves from the Wednesday session.

• The HSI is up around 0.4% at this stage, with the underlying tech index up a further 1.74% today.
• China shares also higher, albeit just, with the CSI 300 +0.06% in the first half of trade today. Brokerages weighed on the broader index despite eased IPO rules, which should make it easier for companies to list onshore. For Wednesday's session the Golden Dragon index rebounded 4.34% in US trade.
• The Kospi is up 0.77%, with offshore investors adding +$261.1mn to local shares. The lower pace of Fed hikes, coupled with Powell stating the disinflation process has begun, is seen as benefiting the tech space. The Taiex is slightly outperforming, up 1.00% at this stage.
• There are some laggards in the region, the ASX 200 is +0.20% at this stage, with some commodities not seeing as much risk-in flows post the Fed.
• Indian shares are struggling to gain traction, as the Adani saga continues, while Philippine shares can't sustain moves above the 7000 level.