Global stocks climbed for a fifth day on Tuesday, as optimism around US interest-rate cuts spread to Asia and fueled a buying spree in technology shares.
MSCI’s all-country stock index was on track for another record high close. Tech firms like Taiwan Semiconductor Manufacturing Co. and Alibaba Group Holding Ltd. helped lead gauges higher in Asia.
Shares in South Korea, Taiwan and Hong Kong rose, while those in Indonesia declined after the longtime finance minister was removed.
Futures in the US advanced after the S&P 500 remained around record highs, while European contracts declined amid political issues in France.
The moves followed a surge in bets on rate cuts by the Federal Reserve that pushed stocks upward on hopes that easier policy will bolster corporate America.
There was also a risk-on mood in the markets thanks to continued optimism over the tech industry, as the Nasdaq Composite index reached another record high.
“Investors are still seeing upside growth potential in the tech space, which is why the buying flows into the sector are continuing,” said Tim Waterer, chief market analyst at KCM Trade.
