Asian Equities Climb After US Extends Year-End Rally – Asia Market Wrap

Asian stocks rose after large tech companies helped US equities extend their year-long surge on Tuesday. Treasuries fell as demand for haven assets waned.

The MSCI Asia Pacific Index rose for the fourth consecutive day, the longest streak since September, led by Japan and Taiwan. Japanese stocks also rose as central bank governor Kazuo Ueda on Wednesday avoided hinting at a potential interest rate hike. Trading was light, with Australia and Hong Kong still off for the Christmas holiday. US equities futures increased.

Equity bulls are banking on the “Santa Claus Rally,” in which equities gain during the last five trading sessions of the year and the first two of the new one. This time, the window started on Tuesday.

Most major European markets will be closed Thursday, but trading will proceed as usual in the United States.