<h1>Asian markets rise after U.S. gains; China data, U.S. tariffs and Fed risks threaten volatility and investor legal exposure</h1> Asian equity markets were mostly higher following U.S. rallies, with modest gains in Hong Kong, Shanghai and South Korea and a decline in Australia; Japanese trading was closed for a holiday. Economic data from China showed moderate retail and industrial growth, but analysts linked weaker-than-expected figures to disruption from U.S. tariff policies, highlighting trade-policy risk to growth and supply chains. U.S. indices showed mixed performance and bond yields and oil prices edged higher. Market participants face legal and regulatory risk if the expected Federal Reserve rate cut does not materialize, potentially triggering price volatility, disclosure and fiduciary concerns for institutional investors.