ASIAN STOCKS ADVANCED AFTER SOFTER-THAN-FEARED US INFLATION DATA REDUCED CONCERNS ABOUT AN IMMINENT FEDERAL RESERVE RATE HIKE. THE MSCI ASIA PACIFIC INDEX GAINED 0.6%, WHILE JAPAN AND SOUTH KOREA ROSE, FOLLOWING GAINS ON WALL STREET THAT PUSHED THE S&P 500 CLOSER TO A RECORD AND LIFTED THE NASDAQ 100 TO A ONE-MONTH HIGH.

Asia's leverage boom is rapidly reversing: Margin debt in South Korea has declined -$4 billion from its June peak, to $22 billion, the lowest since mid-April. At the same time, stock margin loans in China have dropped -$59 billion, to $385 billion, the lowest since the 2nd week of April. Similarly, in Taiwan, margin debt has fallen -$4 billion from its July peak, to $15 billion, the lowest since mid-May. Combined, margin debt across these three markets has declined by a massive -$67 billion. On top of that, South Korea-listed leveraged ETFs linked to SK Hynix and Samsung have lost -$7 billion in assets since their June peak, down -63%, to $4 billion. Leverage is amplifying historic volatility across Asian markets.

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Asian stocks rebounded on Wednesday after a brutal selloff a day earlier as anxiety about valuations, rising competition and AI spending rocked markets ahead of crucial earnings from big tech firms and a Federal Reserve policy decision.