美降息预期带动亚太股，亚洲货币有望重启升值但呈现分层

Market Overview - The Asia-Pacific stock markets experienced a general rise, driven by the ongoing expectations of interest rate cuts by the Federal Reserve [1][3] - Southeast Asian markets mostly saw gains, with Thailand's SET index rising 3.34%, Vietnam's Ho Chi Minh index up 6.09%, and Singapore's Straits index increasing by 2.07% [1] Sector Performance - Asian chip-related stocks showed mixed performance following the announcement of a potential 100% tariff on imported semiconductor products by the U.S. [2] - South Korean semiconductor manufacturers like Samsung Electronics and SK Hynix saw increases of 3.31% and 0.79%, respectively, while Japanese chip equipment manufacturers had varied results [2] Economic Impact - The proposed U.S. tariffs on semiconductor imports raised concerns among Southeast Asian countries, particularly the Philippines, where the semiconductor and electronics sector accounts for 53.4% of total exports [2][3] - The Philippines Semiconductor and Electronics Industries Association expressed that the tariff could have a "devastating" impact on the country's export industry [2] Investment Trends - Recent weeks have seen foreign capital outflows from Southeast Asian markets, with Indonesia experiencing its largest net sell-off in a month, totaling $7.65 million on July 31 [3][4] - Malaysia's stock market faced continuous net selling for nine consecutive days, with a net outflow of $4.13 million on August 6 [3][4] Currency Movements - Asian currencies fluctuated against the U.S. dollar, with the Thai baht and Singapore dollar appreciating, while the Japanese yen depreciated slightly [5] - The outlook for Asian currencies suggests potential for appreciation, particularly for countries benefiting from AI capital inflows and current account surpluses [5] Structural Changes - South Korea's government has been actively pursuing corporate governance reforms, which have attracted significant foreign investment, leading to a net inflow of over $3 billion in July [6] - However, concerns remain regarding potential tax policy changes that could negatively impact the stock market and investor sentiment [6]