Tech Plays Underperform, China's CSI 300 To Fresh YTD Lows

Asia Pac equities are a sea of red for the most part. A couple of South East Asian markets are tracking higher, but losses are evident in the major indices. US equity futures continue to track lower, a continuation of the sell-off post the Fed meeting in Wednesday NY trade. Eminis sit -0.27% weaker, last near 4435, back to late August levels. Nasdaq futures are underperforming modestly, off -0.40%.

• The USD has continued to rise, through post Fed highs, likewise for US yields, although we are away from session highs. The higher for longer theme from the Fed weighing on broader risk appetite in the equity space.
• Not surprisingly, tech sensitive plays have underperformed. The Kospi is down 1.7%, with offshore investors selling a further -$179.4mn of local equities. The Taiex is tracking 1.3% lower. The Nikkei 225 is down 1.20%, the Topix -0.80%.
• China stocks remain a weak point. The CSI 300 is down a further 0.60% at the break sub 3700. The MSCI China index is set for the lowest close since late Nov last year. There doesn't appear a fresh catalyst for the move lower outside of the weaker broader trends, and on-going uncertainty around the recovery.
• The HSI is off 1.3% at the break, with the tech sub-index down over 2.1%.
• Thailand (+0.30%) stocks and the Philippine (+0.43%) bourse are tracking higher, outperforming the weaker trends elsewhere.