[MARKET ANALYSIS] APAC equities trade on the frontfoot, with outperformance in China as Alibaba prepares to list T-Head

• Asia-Pac stocks trade entirely in the green, despite a clear sector driver. 
• ASX 200 trades with modest gains, helped by gains in the mining and metals space as the bid in gold, silver, and platinum continues. Supporting gains is the strong PMI report, which saw manufacturing and services push further into expansionary territory. 
• Nikkei 225 gapped higher but has pared back some of its initial gains, weighed on by chips stocks as Intel posted weak earnings. Supporting the Nikkei is the videogames, as Nintendo (7974 JT) posted strong US Switch 2 sales data, currently +5%. 
• KOSPI continues to trade beyond 5,000, helped by the rebound seen stateside. 
• Hang Seng and Shanghai Comp. open higher, with outperformance in the Hang Seng following news that Alibaba (+3.6%) is preparing to list its chipmaking arm. Metals also lead gains following new records seen in gold and silver. 
• US equity futures hold onto Thursday’s gains going into the last day of the trading week. 
• European equity futures are indicative of a subdued open with the Euro Stoxx 50 future -0.2% after cash closed up 1.2% on Thursday.

Today's strong PMI report indicates improvement in both manufacturing and services sectors across Asia-Pacific, driving gains in equities and commodities. This positive data suggests a robust economic environment, which may support broader market sentiment and influence the outlook for rates and growth in the region.