Stocks Generally Higher In Asia

A lack of outright hostility in the opening salvos ahead of the Biden-Xi phone call facilitated a warmer risk tone in Asia-Pac hours, with most of the major regional indices moving higher. The concluding comments also pointed to a lack of confrontation re: Taiwan, which would have aided risk appetite further. Casino names listed on the Hang Seng benefited from optimism surrounding regulatory review in Macau, while several Chinese tech names moved higher on the back of a press report which pointed to the Chinese powers that be potentially resuming online game approvals in the near future. Elsewhere, reports surrounding a continued lack of payment of bond coupons on the part of Chinese property developer Kaisa reminded us of the fragile state of affairs that particular sector is facing at present. The ASX 200 was the broader exception to the rule, registering modest losses as material names led the way lower. U.S. e-mini futures are little changed, with Tesla CEO Musk once again headlining in that particular sphere. Musk confirmed the sale of yet more of his equity holdings in the company (~$930mn worth) after he exercised options (the move is essentially tax-related).