Asian Equities Reflect Wall Street’s Gains Due to Fed Bets- Asia Market Wrap

Asian stocks climbed after a strong afternoon on Wall Street, amid expectations that the Fed will soon declare its readiness to begin decreasing interest rates.

The MSCI ACWI Index, which covers both developing and developed shares, is on course for its ninth consecutive day of advances, the longest streak since December. Shares rose in Japan, South Korea, and Australia, while those in China fell.

The bullish trend was spurred by a positive atmosphere in the US, where the S&P 500 rose for the eighth consecutive day. The Asian currency index reached its highest level since January, while oil fell the most in two weeks after the US announced that Israel had accepted a cease-fire proposal in Gaza.

Bets on expected Fed easing are supporting equities markets, with investor allocations remaining strong despite recent volatility and increased economic uncertainty. The MSCI Asia Pacific Index has risen in all but two sessions since August 6, bolstering hopes that US policymakers will decrease interest rates in September.