### Asia-Pacific Markets Rally as Tech Stocks Lead the Way

Asia-Pacific markets experienced upward momentum on Wednesday, with significant contributions from a tech rally initiated by Wall Street. Leading the charge was chipmaker Nvidia, whose shares surged nearly 3%, continuing Monday's gains and pushing its market capitalization ahead of Microsoft's for the first time since January. Other chip companies such as Broadcom and Micron Technology also saw gains exceeding 3% and 4%, respectively.

South Korean stocks were a standout, bolstered by opposition party leader Lee Jae-myung's election victory. The Kospi index jumped 2.43%, reaching its highest level since August of the previous year, with the small-cap Kosdaq up 1.39%. Lee’s platform, which includes enhancing the value of the Korean stock market and amending commercial law to protect minority shareholders' interests, has been a key driver of market optimism. John Cho, Korea equity portfolio manager at J.P. Morgan Asset Management, believes that Lee's government will likely enact aggressive fiscal stimulus to rejuvenate the domestic economy while pragmatically managing international trade.

Japanese markets also saw gains, with the Nikkei 225 rising 0.82% and the broader Topix index climbing 0.53%. Mainland China's CSI 300 index moved up 0.52%, while Hong Kong's Hang Seng Index added 0.72%. In Australia, the S&P/ASX 200 increased by 0.77%, though the nation's economic growth for the first quarter of 2025 was slightly below expectations at 1.3% year-on-year, unchanged from the previous quarter. India saw more modest increases, with the Nifty 50 and BSE Sensex ticking up 0.15% and 0.11%, respectively.

Looking towards the U.S., futures remained relatively stable after Wall Street enjoyed gains from a tech rally and a promising jobs report. The S&P 500 added 0.58% to close at 5,970.37, while the Dow Jones Industrial Average gained 214.16 points to end at 42,519.64. The Nasdaq Composite climbed 0.81% to settle at 19,398.96. According to Preston Caldwell, chief U.S. economist at Morningstar, the risk of a U.S. recession now appears to be around 25%, down from earlier assessments of 35% to 40%.

Gold prices inched up by 0.24% to $3,359.87 per ounce by midday in Singapore, following previous declines amid ongoing concerns over global trade tensions.

Australian stocks surpassed the psychological 8,500 mark, with the S&P/ASX 200 benchmark peaking at 8,532.20. Gains were broad-based across sectors, particularly in energy, financials, and mining. Prominent performers included Woodside Energy and Santos, which rose 2.48% and 1%, and major banks like Westpac Banking and Commonwealth Bank, which saw gains of 2.25% and 1.21%, respectively.

Taiwan's Taiex index surged by 2.15%, led by robust performances in the technology, energy, and basic materials sectors. Top performers included Formosa Pharmaceuticals Inc, which leaped 10%, and Hiltron Technologies and Jinan Acetate Chemical Co, both up 9.95%. Technology giants Taiwan Semiconductor Manufacturing Co and Hon Hai Precision Industry also posted gains of 3.58% and 3.53%.

The South Korean won appreciated by 0.43% against the U.S. dollar, while other Asian currencies experienced mixed movements. The Japanese yen strengthened by 0.18% to 143.91 against the dollar, whereas the Australian dollar slipped by 0.05% to 0.6464.

In summary, the Asia-Pacific market rally was driven by a combination of positive political developments in South Korea, a robust tech sector performance, and favorable economic indicators from the United States. With the U.S. showing resilience despite trade tensions, market sentiment remains cautiously optimistic.