Weaker Tech Weighs On Sentiment, But Chian/HK Markets Still Up For The Week

Weaker US equity futures, particularly in the tech space, has weighed on Asia Pac sentiment today. Nasdaq futures sit close to session lows, last off around 0.70%, while Eminis are down around -0.30%. Disappointing revenue forecasts from tech names Intel and KLA weighed on sentiment late in US trade.

• The Topix is off around 1.1%, the Nikkei 225 slightly more in Japan. The electric appliances sector the weakest performer. Toyota was also down, while month end rebalancing was a factor also cited in contributing to weakness (BBG).
• Weakness hasn't been uniform though. In Taiwan the Taiex is around flat, while in South Korea the Kospi has climbed nearly 1%. An IPO launch for a shipbuilder has helped the aggregate index.
• Hong Kong and China mainland shares sit lower at the break. The HSI is off by around 1%, with the tech sub index off by ~2.7%. Both indices are higher for the week though, following early China stimulus efforts/rescue headlines.
• China's CSI 300 is down 0.68% at the break, but like the Hong Kong indices is still up for the week. The real estate sub index is also rallying further, up 2.4%. The authorities pledged stable credit to the sector yesterday. While gaming stocks are also higher on fresh approvals made in January (see this BBG link for more details).
• Australia and India markets are closed today for public holidays.
• In SEA, Indonesian markets are down around 0.75% at this stage. The index is back mid Dec levels, with some carry over from political uncertainty yesterday a potential headwind.