[MARKET UPDATE] Asia-Pac stocks are mostly higher following the gains on Wall St, where the S&P 500 hit a fresh record high and the Nasdaq outperformed on tech strength and after softer PPI data

Asia following a record-setting Wall Street close is the standard overnight handoff pattern, and the composition here matters more than the direction: a session led by the Nasdaq on tech strength, off a softer producer price print, is the disinflation-plus-growth mix that has historically been the most supportive backdrop for risk, since it eases the rates constraint without signalling demand weakness. The distinction worth drawing is between PPI-led and CPI-led repricing: producer price surprises have tended to move the front end less durably than consumer prints, and the follow-through question is whether the softer pipeline reading carries into the consumer data that policy actually keys off. Record highs set on data rather than on positioning squeezes have tended to invite continuation rather than reversal in the near term, though the depth of the Asian follow-through, particularly whether it extends beyond the index heavyweights to breadth, is the usual tell for how much conviction the move carries. Regional sessions that track Wall Street without independent catalysts also leave the move hostage to the next US session's reversal risk. As a market wrap rather than a discrete event, the note is directional colour.