Asia Stocks Rally as Shanghai Composite Gains, Indonesia Plunges 11%

The split is the story: a broad mainland and North Asia rally driven by overnight US gains, against an Indonesia selloff tied to a potential MSCI reclassification. That distinction matters because index-status risk is structural, not cyclical — it can force passive flows to reprice a market regardless of regional sentiment. The read-across is whether the divergence stays contained to Indonesia or prompts a wider reassessment of emerging-market index eligibility, and whether MSCI's review advances.