PBoC moving its policy anchor to the overnight rate is the signal in a mixed Asian tape after Friday's tech-led Wall Street selloff. US futures are rebounding slightly into earnings, data and midterms

What happened: Asian stock markets traded mixed on Monday after a sharp tech-led selloff on Wall Street on Friday. The PBoC made the 1.25% overnight rate its primary policy anchor, replacing the seven-day benchmark. Key numbers: Overnight rate 1.25%, seven-day benchmark 1.40%. Manufacturing PMI 52.0, an eleventh consecutive month of expansion. Why it matters: The PMI reading came in above forecasts, while the non-manufacturing figure points to services contraction. Investors were also weighing corporate earnings, economic data, and the US midterm elections, and US futures edged higher.

Asian stock markets traded mixed on Monday after a sharp tech-led selloff on Wall Street on Friday. The PBoC made the 1.25% overnight rate its primary policy anchor, replacing the seven-day benchmark.

The PMI reading came in above forecasts, while the non-manufacturing figure points to services contraction. Investors were also weighing corporate earnings, economic data, and the US midterm elections, and US futures edged higher.