Asian stocks reached 27-month highs as lower-than-expected employment data in the US reduced the likelihood of a rate cut in September.
Thin trading was observed due to the Independence Day holiday in the United States, while investors anticipated the results of the UK election.
In Europe, polls indicated that the National Rally (RN) was unlikely to secure a majority in Sunday’s French election, as mainstream parties united to counter the far-right.
The MSCI’s broadest index of Asia-Pacific shares outside Japan increased by 0.9%, marking its highest level since April 2022.
Japan’s Nikkei also rose by 0.9%, nearing its March peak, while the broader Topix index achieved record highs.
Taiwan’s main index hit a record high, driven by the tech sector and Taiwan Semiconductor Manufacturing Co (TSMC), which surpassed T$1,000 for the first time.
In the US, the S&P 500 climbed 0.5% to 5,537.02, setting an all-time high for the second consecutive day and for the 33rd time this year.
The Dow Jones Industrial Average dipped by 0.1% to 39,308.00, whereas the Nasdaq Composite gained 0.9% to close at a record 18,188.30, achieved the previous day. Trading concluded early ahead of the Fourth of July holiday.
The yield on benchmark 10-year US Treasury bonds fell to 4.35% from 4.44% late on Tuesday, a significant movement for the bond market, largely influenced by a report on US services businesses.
