Futures Rise as the Stock Rally Continues on Tech Gains – Asia Market Wrap
The global stock rise entered its sixth day as excitement over AI bolstered equities, with futures indicating further gains ahead.
MSCI’s world index rose 0.1%, with a barometer of technology equities reaching a new high, boosted by Japanese companies. Hitachi rose the highest since April after partnering with OpenAI, while Fujitsu increased by more than 5% following a deal with Nvidia. Asian stocks jumped 0.4%, with futures indicating additional gains for the S&P 500 and Nasdaq 100 after both underlying indexes closed at all-time highs.
The Yen fell against the Dollar as BoJ Governor Ueda reiterated the bank’s long-held stance on interest rates.
Ueda avoided offering any obvious signals about the likelihood of a rate hike when the board meets later this month. Market anticipation about an anticipated rate hike has picked up in recent weeks.Two board members opposed the decision to maintain current settings last month, while a dovish member emphasised the increased need for policy change in a speech earlier this week.
Gold was on course for its seventh weekly gain, while oil was on track for its worst weekly drop since late June, ahead of an OPEC+ meeting that is expected to result in the repatriation of more idled barrels.
