Asian stocks climb as rate-cut expectations strengthen

Asian markets continued their upward momentum on Thursday, extending a global rally driven by growing confidence that the US Federal Reserve will deliver a third consecutive interest rate cut next month.

Despite earlier concerns about overheated tech valuations, risk appetite returned strongly, lifting shares across major Asian exchanges and boosting assets like bitcoin.

A series of weak US jobs reports and dovish remarks from Fed officials have fuelled expectations of lower borrowing costs, with traders now pricing in an 80 percent chance of a December 10 rate cut. Wall Street logged a fourth day of gains ahead of the Thanksgiving break, providing further support for Asia’s positive sentiment.

Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei and Jakarta all posted gains, although Wellington and Manila lagged. Analysts say Asia could see more upside as investors position for extended US optimism.

Bitcoin rebounded above $90,000 after recently sliding to seven-month lows, though it remains below its October record. In corporate developments, Japan’s Asahi reported delays in financial disclosures due to a cyberattack, while South Korea’s Naver Financial announced a $13 billion deal to acquire Upbit operator Dunamu, marking a major shift in the country’s crypto landscape.