Weaker US Tech Future Weighs, 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.

• Major markets in the region all tracked lower at the open, although Hong Kong markets have recovered. The HSI is back up around 1%, with the tech sub index up nearly 0.5%, tracking higher for the fourth straight session, albeit away from best levels. Optimism around online gaming in China is aiding sentiment in the space this week.
• China mainland markets are also higher, albeit to the tune of 0.5% for the CSI 300 and Shanghai Composite.
• Japan markets are off more than 1% at this stage, as weakness in the US tech space sees 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 (-1.0%) and Taiex as well (-1.05%). 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 majors posting either modest losses or gains.