Tech Still Outperforming, Mixed Trends Elsewhere

Regional equity sentiment is mixed in Asia Pac for the final trading session of the week. Hong Kong markets have been closed today, which has lightened liquidity for the region. Tech related plays are outperforming modestly, while China and parts of SEA remain weaker.

• US futures are in the red, albeit with losses not extending beyond -0.30% for Eminis. The index was last at 4152, down by -0.2%, with Nasdaq futures off by a similar amount. Headlines from US House Majority Leader McCarthy that there is no agreement on the debt ceiling weighed at the margins in early trade. Negotiations are likely to continue into the weekend.
• In Taiwan, the Taiex is the outperformer, up over 1%, with positive Chip/Tech sentiment from Thursday trade in the US aiding moves. This is fresh highs for the index back to early June last year.
• The Kospi is also up but a more modest 0.15%, although offshore investors have bought another $487.7mn in local locals, brining week to date inflows to $881.6mn.
• China markets are weaker to the break, the CSI 300 off a further 0.40%. We are up from fresh lows though.
• In SEA, Philippines stocks are down around 0.80%, while Thai stocks are -0.40% at this stage, unwinding gains from earlier in the week.