晨星：2025年第二季度亚洲股票市场展望报告：估值具备吸引力但不确定性加剧（英文版）

Mixed Gains in Q1, Tariff-Related Losses at Start of Q2 Asian markets were mixed in the first quarter. While China received support from DeepSeek and artificial intelligence excitement, sliding US markets, tariff risks, and uncertainty over further Federal Reserve rate cuts weighed on sentiment. Asia technology stocks fell in alignment with their US peers, partly offsetting gains in the cyclical sectors. That was the calm. The first seven days of April, as the US announced global tariffs, saw