Tech Softer, Nikkei Outperforms

Regional markets are on the back foot for the most part. The follows US losses for Tuesday's session, as Powell's hawkish testimony drove Fed expectations higher. This is weighing on tech related plays. The MSCI Asia Pac IT index is down around 1% at this stage. US futures are slightly positive, with Eminis holding above Tuesday's low for now.

• The HSI is off by around 2%, with the Tech index underperforming down by 3%. Mainland indices are tracking lower, but with a reduced beta to offshore moves, as is usually the case. The CSI 300 off by ~0.50% at this stage.
• There could also be some focus on China software stocks, after the authorities announced they will create a national bureau to manage and policy data resources (see this link).
• The Kospi is off by around 1.1%, the Taeix -0.40%. The Nikkei 225 is outperforming, up ~0.4% at this stage. The weaker yen may be helping at the margins.
• Other regional markets are mostly lower, with losses under 1% at this stage.