Asian stocks climbed to a record and the dollar held its losses as global investors sought a rotation out of US assets amid policy unpredictability and geopolitical risks.
Precious metals also set new all-time highs. The MSCI Asia Pacific Index gained 0.4% and equity-index futures indicated gains for US benchmarks and a modest loss for European shares.
A gauge of emerging markets also hit a record high. Japanese equities rose and the yen weakened as the Bank of Japan kept its policy rate unchanged at 0.75% as expected.
Currencies were in focus as China’s central bank set the yuan’s daily reference rate stronger than the closely watched 7-per-dollar level for the first time since 2023.
The dollar held its losses after falling the most in a month during the US session. The weak US currency fueled gains in precious metals with gold, silver and platinum all climbing to all-time highs.
The moves pointed to a gradual unwinding of dollar exposure in favor of regional equities, drawn by more attractive valuations and stronger growth prospects.
