CHINA DATA: RatingDog Services PMI Eases More Than Forecast, But All PMIs > 50

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Risk sentiment has stabilized somewhat in recent dealings, aided by the better than expected RatingDog PMI prints out of China (manufacturing to 52.1, from 50.3 and services to 56.7, from 52.3). AUD/USD dipped under 0.7000 but is now back above this figure level (session lows at 0.6986). NZD/USD, last near 0.5875/80, is also up from earlier lows (0.5861). USD/CNH got to 6.9350, but is now around 6.9230. USD/KRW has stabilized near 1479/80 (session highs 1483.90). 

• Still, US equity futures remain close to session lows, Eminis off around 0.35%, Nasdaq futures off 0.45%. both benchmarks remain above Tuesday intra-session lows.
• Regional equity sentiment remains poor though in Asia Pac, with tech plays, like South Korea, continuing to fall sharply.
• Oil benchmarks are up, but also remain away from Tuesday extremes. Brent was last near $82.5/bbl (Tuesday highs were around $85/bbl).
• Precious metals are higher, unwinding some of Tuesday's losses, but remain off recent highs. Gold last under $5200, Monday highs were just above $5419). 

A trading curb has been triggered on the KOSPI for the second consecutive day on Wednesday at 9:05 a.m. local Seoul time, immediately following a sharp drop at the opening bell with program selling suspended for five minutes.  The KOSPI 200 futures fell by 6.04% (exceeding the 5% threshold) from the previous session's close for more than one minute, resulting in the halt.  The KOSPI closed Tuesday at 5,791 and touched a low of 5,406 this morning.  Currently near 5,360 the KOSPI remains down by 7.1% from yesterday's close. The KOSPI falls sees it back below its 20-day EMA for the first time since December.  Key AI tech stocks like SK Hynix are down 13% in two trading days. 

Other large falls sees the NIKKEI down -2.9% at 54,705 and is now down over 4,000 pts from the late February high.   Futures decline of 3% is well within index limits and as yet there has been no trading halt.  Japan's flagship AI stock Softbank is down -6.1%

On a relative basis, China's stocks have held in well with falls of -0.80% - 1.6% with the tech heavy Shenzhen Comp flat after its falls over -3.2% yesterday.  

Taiwan's TAIEX is down -2.3% with its flagship TSMC AI stock down -4.3% and almost -6% in two days.  

Yesterday Malaysia's FTSE KLCI rose with the oil price and gave a boost to Singapore and Jakarta.  This momentum is lost Wednesday with the FTSE down moderately whilst its regional peers are down heavily.