Weakness Across The Board, Led By Financials

All the major indices are down across the board, led by financial stocks. The MSCI Asia Pac financials index was off by 2.7% at one stage. The focus of investors was very much on the sector, following US/EU weakness in the space through Monday's session. US futures are positive at this stage, +0.55% for eminis and Nasdaq futures, but this hasn't provided much of a positive offset for the region.

• Japan's Nikkei 225 is off by 2.25%, with bank names weighing. Bloomberg notes Japan finance companies are prominent in terms of unrealized losses to equity ratios, which could remain a focus point in the wake of the SVB collapse.
• Elsewhere, the HSI is down by around 1.60% at this stage, with banking names also weighing on the headline index. China stocks have fared better, with the CSI 300 down by ~0.70% in the first half of the session.
• The Kospi has sunk over 2%, with offshore investors unloading over $600mn in local shares so far today. The Taiex is down by 1%.
• In SEA, Singapore stocks have outperformed, with REITS drawing safe haven related flows, but all other markets are down. The Philippines index is down around 1%, after yesterday saw the biggest daily equity outflow from offshore investors since 2015.