US Tech Future Down On Meta Disappointment, HK/China Outperform

Asia equity markets are mixed, despite a strong negative lead from US equity futures. US futures sit down sharply, led by the Nasdaq (-1.15%) as Meta's late earnings update from Wednesday US time left investors disappointed around the revenue outlook. HK/China have outperformed but sit away from best levels.

• Major markets in the region all tracked lower at the open, although Hong Kong markets have recovered. The HSI is back up 0.55%, albeit away from best levels at the break. The tech sub index was up in earlier trade, but is now back to fat. Optimism around online gaming in China is aiding sentiment in the space this week, with strong gains seen through Tues/Wed trade.
• China mainland markets are also higher, albeit to the tune of 0.24% for the CSI 300 index.
• Japan markets are off more than 1% at this stage for the Topix, nearly 2% for the NKY. Weakness in the US tech space has seen a negative spillover effect. Focus remains on USD/JPY which continues to make fresh cyclical highs back to 1990.
• Tech weakness is also weighing on the Kospi (-1.15%) and Taiex as well (-1.30%). Earlier chip maker SK Hynix posted better than expected profit results in South Korea, while the authorities also announced details of the short-sale monitoring program (see this BBG link).
• Note onshore markets in Australia and New Zealand are close today for the ANZAC day holiday.
• In SEA, trends are relatively steady with most major indices posting either modest losses or gains.