Global Stocks Increase As Tech Continues to Be Positive – Asia Market Wrap

Global markets rose for the fifth day on Tuesday, as optimism about US interest rate reduction spread to Asia, fuelling a buying binge in technology shares.

MSCI’s all-country stock index was on track to close at another record high. Tech companies such as TSMC and Alibaba contributed to higher gauges in Asia. Shares in South Korea, Taiwan, and Hong Kong climbed, while those in Indonesia fell after the long-time finance minister was fired.

Futures in the US rose following the S&P 500’s near-record high on Monday, while European contracts fell amid political unrest in France.

In Japan, the implications of PM Ishiba’s resignation have spilled into markets. The Nikkei 225 reached a new intraday record high on Tuesday before erasing gains. The country’s government bonds were firmer after having slumped Monday as Ishiba’s decision to step down underscored expectations for looser fiscal policy.

Oil increased for the second day in a row as investors considered the possibility of decreasing demand after Saudi Arabia reduced prices for the majority of its grades. Iron ore rose for the sixth day in a row, heading for its best finish in more than six months, as Chinese demand is expected to go up.