March 08, 2023 05:10 GMT
Weakness Across The Board, Although Nikkei Outperforms
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Regional equities are mostly in the red, with Japan the outlier. With the continued move higher in US yields, particularly in the short end, the tech sector has underperformed today. US futures did dip into negative territory but are now back close too flat.
- The HSI is off around 2.5% at this stage, with the tech sector off by close to 3.8%. Outside of the hawkish Fed developments, there has also been focus on China's plans for a bureau that will tighten data security. Oversight of the banking and insurance industries is also expected.
- Mainland stocks are weaker, with the CSI 300 off by 0.66% at this stage. Northbound outflows have been modest.
- The Kopis is off by 1.3%, while the Taeix is off by 0.50%. The Nikkei 225 is an outperformer, +0.40%, with the weaker yen (near 138.00) likely helping at the margins.
- Weakness is evident elsewhere, but losses are generally under 1%.