Stocks Drop In Asia

A negative day for equities in Asia as the recent rally pauses, stock bourses are on track for their first negative day this week. South Korean markets are leading the way lower, pressured by Samsung who sustained losses after announcing its Texas factory would be shut down due to weather in the region. The Nikkei also fell, pulling back from a 30 year high. There is chatter of markets being in overbought territory with RSI rising above 70 in several key indices. Stocks in Taiwan bucked the trend and rallied. The market is playing catch up on its first day back from LNY, most of the strength is derived from upstream Apple suppliers, the total revenue of Apple's major suppliers rose 27.2% Y/Y. Markets in China remain closed for LNY but will return tomorrow. US stocks closed broadly flat yesterday, futures have sustained some small losses early on as yields hold their gains.