Major regional indices are all in the green, as markets have risen in sympathy with the US gains overnight. Gains have ranged from 0.30% to more than 2%. US futures have fluctuated today, but have edged back towards positive territory this afternoon. Eminis were last around 3735, up from the 3718 low earlier in the session.
- China stocks continue to exhibit a low beta to broader global moves. At this stage, the Shanghai Composite index is up 0.27%, although the property sub-index is lagging, down a further 1.1% today. We highlighted woes for developer CIFI Holdings yesterday.
- The HSI has fared better, up +1.25%, albeit away from earlier highs. HSI Tech gains are around the same (+1.2%).
- The Kospi (+1.30%) and TWSE (+0.65%) are firmer as well, support from the official sector helping. South Korea stated late yesterday it was reactivating the stock stabilization fund and may ban short sales. In Taiwan, the Labor Pension Fund pledged to buy up to $70bn TWD of local equities before year end.
- The ASX200 has outperformed, up around 2%, with financial and resource names leading the rebound.