Core Viewpoint - The global financial markets are experiencing a broad rally, with a resurgence of the "everything is rising" trend, driven by easing trade tensions and strong third-quarter earnings reports [1][2]. Group 1: Market Performance - U.S. stocks are once again challenging historical highs, with a notable focus on technology stocks, particularly Apple [3]. - The MSCI Asia-Pacific index (excluding Japan) has reached a new high not seen in over four and a half years, with Japan and South Korea's markets also hitting record levels [4]. - The Nikkei 225 index approached the 50,000-point mark, while the Korean Composite Stock Price Index surged over 2%, marking its sixth consecutive day of new highs [4]. - Hong Kong and A-shares have seen significant rebounds, with the Shanghai Composite Index recovering above 3,900 points and trading volumes exceeding 1 trillion yuan for 98 consecutive days [4]. Group 2: Political Developments - The recent election of Fumio Kishida as Japan's Prime Minister has reduced political uncertainty, contributing to market optimism [6][8]. - The market's expectations have shifted from merely anticipating inflationary policies to focusing on political stability and economic reforms under the new government [10]. Group 3: Trade Relations - Positive sentiment in the markets is also bolstered by ongoing trade negotiations between the U.S. and South Korea, with expectations of a trade memorandum being signed during President Trump's upcoming visit [12][14]. - Trump's recent comments about a potential fair trade agreement with China have further enhanced market confidence regarding U.S.-China relations [17][18]. Group 4: Economic Outlook - UBS has upgraded the global stock market rating to "attractive," raising the global earnings growth forecast for 2025 from 6.5% to 8% [27]. - The firm continues to favor the technology sector as its "global preferred industry," particularly highlighting Chinese tech stocks as highly attractive [27][28].