[MARKET ANALYSIS] APAC stocks mostly firmer on AI after-hours strength; KOSPI leads

APAC Stocks: Mostly Positive Asia-Pac stocks are mostly firmer after a mixed Wall Street session, in which the Dow and Russell 2000 gained while the Nasdaq 100 lagged on AI-debt concerns. Sentiment is underpinned by after-hours strength in AI names, after Super Micro Computer guided Q1 revenue well above expectations and SpaceX CEO Musk guided ARR of USD 500bln-1tln by end-2027. Middle East headlines remain in focus, with Iran's IRGC threatening to target internet cables in the Strait of Hormuz if its infrastructure is attacked. ASX 200: -0.1% Flat amid a busy morning of updates, with NEXTDC cutting FY27 guidance on M3 Melbourne power delays, while RBA's Hauser said the inflation outlook has deteriorated. Nikkei 225: +1.4% Firmer on the AI-led strength in US after-hours trade, shrugging off softer-than-expected exports (16.7% vs exp. 20.1%) and a wider trade deficit. KOSPI: +3.3% Leads the region, rebounding after Tuesday's near-4% slide, with the tech rebound in full play. Hang Seng & Shanghai Comp: Hang Seng +0.7% / Shanghai Comp -0.1% Hong Kong outperforms the mainland amid tech exposure, while CATL is in focus after its Q3 miss. The PBoC also injected CNY 80bln via overnight reverse repos while setting 7-day operations at zero. US Equity Futures: Positive NQ (+1.0%) outperforms after gaining on SMCI's guidance and SpaceX's call, while ES (+0.3%) is firmer and YM and RTY are flat; Tesla, Meta, IBM and Texas Instruments report later. European Equity Futures: +0.3% Indicate a positive open, with Euro Stoxx 50 futures +0.3% after the cash market closed -0.3% on Tuesday.