Weakness Follows BoJ YCC Shift, Shanghai Property Index Back Below 200-Day MA

Regional equity markets are down across the board, with sentiment weighed by the BoJ surprise YCC shift. US and EU futures are down near -1/-1.2% at this stage across the major bourses.

• The Nikkei 225 is off by over 2.6%. The market was tracking higher prior to the lunch break, but the BoJ's shift on YCC saw push sharply lower when trading resumed. The high to low move was around 3.4%. All eyes will rest on Kuroda's press conference later.
• The HSI is down nearly 2%, with weakness fairly broad based. At 3pm HK time we will have a press conference with a further easing in Covid restrictions to be announced.
• The property sub-indices remain under pressure, as developers continue to raise cash through share placements. Onshore, the Shanghai Property sub-index is down a further 2.43% and is back below its simple 200-day MA.
• The Kospi and Taeix are both lower, with offshore tech leads also weighing in this space.
• The Philippines index is the only regional bourse higher at this stage, +0.35%.