[MARKET ANALYSIS] APAC mostly firmer; Japan and Mainland China away on holiday

APAC stocks traded mostly firmer, albeit with the absence of Japanese and Mainland Chinese markets sapping some liquidity from the region. ASX 200 trimmed the modest gains seen at the open but remained contained to a tight range ahead of the RBA announcement tomorrow, which is expected to deliver another 25bps increase to its Cash Rate. Hang Seng opened with gains, with the index supported by its tech sector, albeit Northbound and Southbound Stock Connect trading are closed due to the Labour Day holiday in Mainland China. US equity futures traded in lock step with price action across energy, initially gapping modestly higher and then trimming those gains as crude recovered from opening lows. European equity futures are indicative of a modestly firmer return from the long weekend, with the Euro Stoxx 50 future +0.2% after cash closed with gains of 1.1% last Thursday.