Weaker Across The Board

Regional equities are tracking lower, although for some of the major index's losses haven't extended since the open. These moves are in line with overnight weakness in major bourses, while US futures have edged lower this afternoon. Higher US cash Tys yields, 3-4bps firmer across the curve, have also weighed on broader risk appetite.

• China/HK stocks opened lower, but have recouped some losses as the session progressed. The HSI is down a little over 1.1% at this stage, while the CSI 300 is off by -0.25%.
• China activity data was uniformly weaker than expected, but there was a 150bn net injection via the 1yr MLF, which likely helped sentiment at the margin.
• The Kospi is down over 1.2%, while the Taiex is close to flat. Japan stocks are weaker, with the Nikkei 225 down 0.40% at this stage. The weaker tech trend from overnight has likely weighed on these markets today.
• South East Asia markets are lower across the board.