Asian Stocks Rise as Japan’s Equities Near Record – Asia Market Wrap

Amidst expectations of US interest rate reduction following Federal Reserve Chair Jerome Powell’s statement that inflation is returning to a declining trend, Asian equities surged, mirroring a record finish for the S&P 500.

With this surge, the MSCI AC Asia Pacific Index was on track for its longest winning run since May. Japanese stocks increased, and the benchmarks are currently only 1% behind their all-time highs. For the first time in three years, SoftBank shares exceeded their lifetime closing high, helped by a global upsurge in chip and artificial intelligence investments. The performance of Singaporean stocks exceeded the strength of banking shares.

S&P 500 contracts saw a little decline as the benchmark closed above 5,500 for the first time, marking this year’s 32nd record for the gauge. To lead gains among megacaps, Tesla jumped 10%, assisting the Nasdaq 100 in closing above 20,000 for the first time.

Australia’s three-year bond yield continued to rise in other markets following better-than-expected retail sales figures that supported an increase in interest rates.