Asian stocks advanced and a gauge of global equities was on track for another record high on trade-deal optimism and increased expectations for Federal Reserve interest-rate cuts this year.
Asia-Pacific stocks gained as much as 0.7% to the highest since September 2021 after the S&P 500 advanced 0.8% to within striking distance of a record.
The Nasdaq 100 achieved the feat on Thursday, helping MSCI’s global shares index to a new high. US stock futures edged upward Friday and Japanese stocks rose, while South Korea’s fell.
US Commerce Secretary Howard Lutnick said late Thursday that the US and China had finalized an understanding on trade following talks last month.
Meanwhile, the Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the “revenge tax” proposal from President Donald Trump’s tax bill.
There’s “a long list of positive headlines” out right now, said Chetan Seth, Asia Pacific equity strategist at Nomura.
