<h1>Asian equities rise on expected US rate cuts; index reconstitution and telecom asset sale reshape flows and valuations</h1> Asian equity markets rose broadly as investors priced in expected US central bank rate cuts, driving benchmark gains and lower Treasury yields; US equity indices neared or set record highs. Index reconstitution will add certain large-cap stocks to a major benchmark, likely prompting portfolio flows and valuation impacts for replaced constituents. A major telecom-related asset sale was announced involving a substantial cash-and-stock consideration plus an agreement by the buyer to cover targeted interest payments on seller debt through a specified date, raising potential securities, financing and regulatory review considerations. Upcoming US employment and inflation releases could alter monetary-policy and market risk assessments.