Struggle For Clear Direction

Most indices in Asia-Pac have sustained minor losses, even those in positive territory have struggled to make any significant gains. A mixed picture in China, the CSI 300 currently flat, having retreated from highs and recovered from lows. The PBOC refrained from injecting liquidity for the eighth day, this saw equities pressured initially before repo rates actually declined and saw a bid in markets. Markets in South Korea sustained heavy losses, led lower by Samsung who warned over production delays due to a global chip shortage, while markets in Japan are pressured by disappointing trade data. Futures in the US are slightly lower, markets look ahead to the FOMC rate announcement later today.