Group 1 - Asian markets have experienced a relief rally due to the absence of expected US tariffs, improving overall sentiment [1] - Onshore Chinese stocks performed well, with the CSI 300 Index rising by up to 1% as economic activity data indicated a slowdown, increasing the likelihood of more stimulus from policymakers [1] - South Korea's Kospi index reached a new record after the government decided not to lower the capital gains tax threshold for stock investors [1] Group 2 - The MSCI Asia gauge has increased by over 21% in 2025, outperforming the S&P 500 Index by approximately 10 percentage points [2] - Investor confidence in Asia's continued outperformance is bolstered by expectations of Federal Reserve easing, enhancing the appeal of emerging-market assets [2] - A global equities gauge is trading at record levels, supported by US inflation data that strengthens the case for the Fed to lower rates [2] Group 3 - Central banks in Asia are cutting interest rates more aggressively than anticipated, with more expected to follow in response to growth challenges posed by tariffs [3] - The rally in Asian markets is described as a "bullet train," driven by AI enthusiasm, liquidity, and momentum [3] - The record high in Asian markets signifies that liquidity and sentiment are dominant factors in the current market environment [3]