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Tracking Higher, But Fresh Curbs On Tech Exports To China


Regional equities are higher, following the positive lead from US markets overnight. There has been a slight outperformance from tech related plays, as some of these global indices (SOX, MSCI IT etc) threaten to break above their respective 200-day MAs. US equity futures are also higher at this stage (+0.30/+0.35% for the major indices).

  • China mainland stocks are modestly higher, the CSI 300 +0.20% at this stage. China will no longer report asymptomatic covid case numbers, as it is too difficult in the current environment to track such cases.
  • Also be mindful that the US will reportedly add more than 30 Chinese companies to the trade blacklist, as the US looks to restrict China access to technology.
  • The HSI is up around 0.70% at this stage, while the China Enterprise index has had a volatile session, but is still firmer at +0.92%.
  • Japan stocks are higher, with the Nikkei 225, +0.80% at this stage. Earlier, Japan Tankan survey data was better than expected, although capex intensions were slightly weaker relative to expectations. Planned tax increases to fund rising military expenditure also appear set to go ahead.
  • The Kospi has risen 1%, the Taiex +1.30%, in line with tech related gains overnight. Offshore investors have added $164.5mn to Korean shares so far today.

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