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US Tech Weakness Weighs, HSI/H Shares Outperform

EQUITIES

Asia Pac equities are mixed, with tech sensitive indices generally underperforming in what is still holiday impacted markets. US futures have tracked a narrow range for much of the session, sitting slightly in positive territory currently (+0.05/0.10%).

  • Tuesday's US session saw the Nasdaq underperform as Telsa slumped due to demand/production worries in China.
  • This has seen tech sensitive plays weaken in the region. The Kopsi is off by over 2.1%, with offshore investors selling $403mn of local shares. The Taiex is down by 1.23% and the NIkkei 225 by -0.60%.
  • The HSI tech sub index has bucked the trend though, up 2.7%, helping the aggregate HSI rise by over 2.1%. The China Enterprise index is also up a solid 2.60%. Mainland shares are more mixed, after +1.5% gains for the CSI 300 across the first two sessions of this week, as Covid restrictions were scrapped further. Today the CSI is down by 0.17%, but the Shanghai Composite is up slightly.
  • Other markets are mixed, with overall ranges fairly modest. The JCI in Indonesia is down a by 0.87% though.

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