The major Asia-Pac regional equity indices...>

STOCKS: The major Asia-Pac regional equity indices are marginally mixed at

writing, with exhaustion seemingly setting in ahead of calendar year-end after

the S&P 500 registered yet another all-time closing high on Tuesday.

- Soft imports, coupled with the 12th consecutive monthly export decline (in Y/Y

terms) in the breakdown of the Japanese trade data added modest weight to local

stocks.

- Elsewhere, Chinese equity markets weren't particularly impressed by the 5bp

cut in the rate applied to the PBoC's 14-Day reverse repo ops (the first cut to

that specific rate in nearly 4 years) and the resumption of OMO ops after a

20-day hiatus. Chinese policymakers continue to point to targeted easing, with

the PBoC having a desire to keep things "prudent." The move shouldn't be judged

as powerful, with a focus on liquidity. Some houses are looking for a 5bp cut to

the 1-Year LPR fixing on Friday, with the potential for further RRR cuts in Jan,

which could be amplified if banks frontload lending in '20.

- Nikkei 225 -0.5%, Hang Seng -0.1%, CSI 300 unch., ASX 200 +0.1%.

- S&P 500 futures -1, DJIA futures -1, NASDAQ 100 futures -2.