Asian Shares Follow Record-Breaking Wall Street – Asia Market Wrap

Asian equities climbed, after a rise in big US technology sectors that propelled Wall Street to a new high.

The majority of Asian benchmarks rose, with Japan, Australia, and South Korea leading the way. The S&P 500 has already reached 30 all-time highs this year, overcoming concerns about tight breadth, which might leave the market more sensitive to shocks. The dollar climbed versus the majority of its Group of 10 counterparts.

Asian semiconductor stocks contributed significantly to the MSCI Asia Pacific index’s advances. Tesla China suppliers’ shares rose after the company received clearance to test its sophisticated driver-assistance system on select Shanghai roadways. In South Korea, SK Hynix shares reached a 24-year high after an analyst predicted that the chipmaker’s future earnings consensus will be revised upward.

For the fifth straight meeting on Tuesday, Australia’s central bank left its benchmark interest rate at a 12-year high of 4.35% and reiterated that it was not “ruling anything in or out,” implying that a raise is possible. Following the judgement, Australia’s currency and bonds remained relatively stable.