凯投宏观：亚洲股市回调是对美股下跌的直接反映 对后续抛售加剧存疑

Core Viewpoint - The recent pullback in Asian stock markets appears to be a direct reaction to the decline in U.S. technology stocks, particularly affecting tech-heavy indices in Asia like the South Korean market [1] Group 1: Market Reaction - Asian markets, especially those dominated by technology, have shown strong performance recently, leading to larger losses when market sentiment shifts [1] - The potential for continued declines in Asian markets is questioned, particularly if U.S. tech stock sell-offs intensify [1] Group 2: Valuation Comparison - Despite the recent pullback, Asian valuations remain relatively low compared to the U.S., which may limit the downside potential for a global market downturn [1]