Weaker As Cross Asset Headwinds Weigh

Regional equities are on the back foot to end the week. Cross asset headwinds are evident, with a firmer UST cash Tsy yield backdrop (1.9-2.7bps higher across the curve), boosting the USD and weighing on broader risk appetite in the equity space. US futures are also tracking lower (-0.48% for Eminis, -0.65% for the Nasdaq).

• The HSI is off by 0.75% at this stage, with the underlying tech index down 2%, unwinding all of yesterday's bounce. Both indices are tracking lower for the week, the third straight week of losses, albeit down from the prior two weeks.
• China equities are also lower, the CSI 300 off by 0.50% at this stage. Some other China related assets (such as iron ore) have firmed post a large liquidity injection today, amid hopes of further efforts to boost the growth backdrop. This hasn't materially boosted the equity space though. US-China relations are also likely to remain a focus point.
• The Nikkei 225 is off by 0.75%, the Kospi -1.00% and Taiex -0.50%, as tech related sentiment suffers amidst the push higher in core yields.
• Other SEA markets are mostly lower, with only the Singapore index managing to post a gain at this stage.