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Asian Stocks Rise, Extending Record Global Rally: Markets Wrap

(Bloomberg) -- Stocks in Asia extended their two-day advance after bullish momentum lifted shares on Wall Street, indicating that a much-touted year-end rally is taking hold.

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In the right side there are people in the market, it's a sunny sky in the market.

Asian Stocks Rise, Extending Record Global Rally: Markets Wrap

Asian markets showed cautious optimism on Monday, with stocks rising and the yen gaining ground. Investors weighed mixed signals from global financial moves, including a US regulatory ban on foreign drones and shifting commodity prices. Meanwhile, US index futures pointed to a steady open after last week’s gains.

Asian shares extended their two-day advance, with the MSCI Asia Pacific index climbing 0.3%. Japan’s Topix rose 0.5%, while the yen edged higher against the dollar. The currency’s movement followed a warning from Japan’s Finance Minister against speculative trading, though no direct statement was recorded on March 4.

In China, property developer Vanke secured last-minute creditor support to extend a bond grace period, narrowly avoiding default. Elsewhere, Citigroup strategists downgraded Chinese stocks, adding pressure to regional equities. Oil prices dipped after West Texas Intermediate crude had surged over 2% in the prior session. A gauge of the dollar also weakened slightly, while Treasury yields ticked up by around two basis points for both two-year and 10-year notes. Tech stocks remained a key driver, propelling the S&P 500 to erase December losses and eye an eighth consecutive month of gains. Megacaps like Tesla and Nvidia led the rally, fuelling expectations of a potential Santa Claus surge. US index futures inched higher, and gold prices built on recent record highs. Regulatory moves also made headlines, as the US Federal Communications Commission banned most foreign-made drones and critical components for unmanned aircraft systems.

The session reflected a mix of regional resilience and lingering uncertainties. Asian equities advanced, while currency and commodity shifts highlighted ongoing volatility. Markets now look ahead to further cues from US trading and policy decisions.

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