Zero Equilibrium Macro and Markets: Asia Keeps Bleeding Even After Positive US Earnings, Indonesia Stand-out. 🧵 Market Synopsis: Asian major indices continue to show signs of a broad risk-off session across Asia, with technology- and semiconductor-heavy markets leading the selloff. In Indonesia, domestic market and policy developments appear to be temporarily outweighing broader regional risk-off pressures. Given their relatively lower direct exposure to the AI trade and their weightings in resources, financials and other sectors, Australia's S&P/ASX 200 and India's Nifty 50 are relatively more resilient than China's, South Korea's and Japan's markets. We give a full breakdown below. 1/7