Weakness Across The Board After Recent Strong Gains

Asia Pac equities are seeing some consolidation after recent strong gains. Weakness is evident across all the major indices. US futures are also down, -0.20/-0.30% at this stage, after an indifferent overnight session. Higher UST yields (+3bps or so across the curve) is likely contributing to today's weakness.

• China stocks are off by 0.50% for the CSI 300, while the Shanghai Composite is 0.25% lower. Hong Kong stocks tried to push higher, but the HSI is now down around 0.8% or so, with banks and property companies weighing.
• Japan stocks are down 1.70% in terms of the Nikkei, as a firmer yen (near 135.00) weighs on the export segment. The Kospi has retraced by 1.45%, as foreigners sell local stocks ($-334.mn in net outflows at this stage). The Taiex is holding up better, just off 0.20% at this stage.
• In South East Asia, the Philippines bourse is the worst performer, down 2.3%.