Strong US Growth Spurs Year-End Risk Rally Across Global Markets – Asia Market Wrap

Global equities pushed to fresh highs, extending a Wall Street–led rally after US data showed the economy growing at its strongest pace in two years, reinforcing confidence in next year’s earnings outlook.

MSCI’s All Country World Index notched a fifth straight advance on Wednesday, lifting its gain for the year to 21%. Asian markets edged 0.2% higher, paced by technology shares, after the S&P 500 closed at a record in the previous session. With Christmas approaching, trading activity remained muted and futures pointed to a cautious open across Europe.

Commodities outperformed equities. Gold briefly surged past $4,500 an ounce for the first time before trimming gains, supported by heightened demand for safe havens after the US moved to block oil shipments tied to Venezuela. Platinum and silver both climbed to record levels, while copper broke new ground above $12,000 a metric ton.

Markets have shown renewed appetite for risk into year-end, even as stronger US growth has tempered expectations for imminent Federal Reserve rate cuts. After weeks of concern that lofty valuations — particularly in AI-linked stocks — left markets vulnerable, investors are increasingly betting that earnings momentum will carry into 2026.