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Strong Rebound As US Equity Recovery Extends

EQUITIES

Strong gains are evident across Asia Pac equities, following the sharp turn around in US markets overnight. After a mixed start US futures are tracking higher today, up a further 0.65-0.75% across the 3 main indices. Within Asia, gains have been led by tech sensitive sectors/countries.

  • The HSI is up +3.4% at this stage, the tech sub index +4%, on track for its first gain since the middle of last week. Property stocks are up further, +2.7%, following yesterday's report of a possible property tax cut. Bank names have also continued to rally.
  • China's Shanghai Composite is up +1.57%, lagging somewhat broader trends. The Texas Pension Fund, which has $184bn AUM, is cutting its China weight to 1.5% from 3%. While not a large sum, it is indicative of the trend around more cautious financial ties between the two economies.
  • China inflation data also hinted that easier financial conditions are required for the economy.
  • The Nikkei 225 is up 3.5%, the Kospi +2.6% and the Taiex nearly 3%, as tech related sectors do well. We are coming from depressed levels though, with the Kospi struggling to get positive traction above 2200 this month (last is 2218).
  • The ASX 200 is up nearly 2%.
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