Asian Stocks Track US Peers Higher, Dollar Weakens – Asia Market Wrap

Asian markets surged on Thursday, boosted by a rise in US technology companies, but the dollar fell as bets on interest rate reduction were reassessed.

Indian equities rose as Prime Minister Narendra Modi received essential support from two major supporters in his coalition, allowing him to prolong his decade in office. Shares in Hong Kong, Japan, and Australia also rose. Futures for US equities rose as the S&P 500 set a new high for the 25th time this year. Nvidia, the poster child of the artificial-intelligence mania, led a rise in the “Magnificent Seven” megacaps, bringing its worth to more than $3 trillion.

The dollar fell as Canadian officials focused on the US interest rate path, while European Central Bank policymakers are anticipated to cut borrowing costs when they meet Thursday.