Global Markets Rally as Tech Stocks Lead Wall Street Rebound; Strong Job Growth in US and Asia

Asia-Pacific stocks mostly rose as investors assessed corporate earnings and China's efforts to bolster its market. DBS Group reported a 2% increase in fourth quarter net profit, while China's biggest chipmaker SMIC warned of persistent global macroeconomic headwinds and geopolitical tensions. Electric vehicle shares listed in Hong Kong rose after China's commerce ministry released a plan for the healthy development of new energy vehicles. Meanwhile, Japan's Nikkei fell, and Australia's Santos was the biggest loser on the S&P/ASX 200 after merger talks with Woodside ended. Additionally, DBS shares rose as it reported higher Q4 profit and cut pay for its CEO, and New Zealand posted a lower-than-expected unemployment rate for the fourth quarter.