The major Asia-Pacific indices traded........>

STOCKS: The major Asia-Pacific indices traded lower, with the exception of

mainland Chinese Stocks. The CSI is last up 0.8% but well off of the early

highs. The space started on the front foot, bucking the global trend over the

last couple of days despite the seemingly impending imposition of fresh tariffs

between the U.S. & China & continued EM worry. MLF liquidity injections from the

PBOC are probably underpinning, as well as the latest round of reduced tax

burden plans, outlined at the State council on Thursday. The Hang Seng also

started on the front foot, adding over 1.0%, before momentum waned and the index

broke back below the psychological 27,000 level.

- The Nikkei 225 fell afoul of the stronger JPY & headlines late Thursday

pointing to President Trump hinting to the WSJ that a trade fight with Japan

"could be next," but upon second glance the article was less inflammatory than

the headlines. Nonetheless, the index lost 1.0% in the morning session with the

IT and Energy sectors leading the way lower. The utilities and Telecoms sectors

bucked the broader trend and managed to trade in positive territory.

- U.S. index futures also moved lower.