[MARKET ANALYSIS] Asia-Pac stocks suffer amid a tech sell-off

APAC Stocks: Negative Asia-Pac stocks declined amid a tech sell-off following the mixed handover from Wall St, where the Nasdaq underperformed as chip and memory names were pressured by China competition concerns after CXMT announced technological progress on a denser memory chip design. ASX 200: -0.1% Trades with marginal losses and outperforms its regional peers as the downside in tech and miners is offset by strength in energy, financials and defensive sectors. Nikkei 225: -2.3% Suffered from the tech-related pressure as participants returned from the long weekend. KOSPI -7.0% Slumped alongside the tech sell-off, which prompted the Korea Exchange to trigger a sidecar due to heavy losses. Hang Seng & Shanghai Comp: Hang Seng -0.8% / Shanghai Comp -0.9% Conformed to the tech-led declines across the region and with weakness also seen in autonames after reports that China will cut the VAT export tax rebate rate on new energy vehicles to 9% from 13%. US Equity Futures: Mixed Continued the mixed performance seen during Wall St trade, with the Emini Nasdaq 100 dragged lower by tech woes. European Equity Futures -0.2% Indicate a lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with gains of 0.5% on Monday.