Asian Markets Rally as US Stocks Hit New Heights

Asian markets experienced an upturn on Friday, buoyed by a surge in US stock prices which reached new highs. Wall Street's momentum, driven by anticipatory moves ahead of a crucial update on the American job market, could potentially pave the way for investor-favored interest rate cuts. The Nikkei 225 in Tokyo rose by 0.9%, closing at 42,945.16, fueled by positive labor and spending reports.

Other major Asian indices followed suit, with Hong Kong's Hang Seng index climbing 0.5% to 25,194.85, and the Shanghai Composite index increasing by 0.4% to 3,778.95. South Korea's Kospi saw a slight rise to 3,203.13, while Australia's S&P/ASX 200 edged up by 0.3% to 8,855.20. Additionally, India's BSE Sensex marked a 0.2% increase, and Taiwan's Taiex surged beyond 1%.

On Wall Street, the S&P 500 marked an 0.8% rise, setting a fresh all-time high. The Dow Jones and Nasdaq also registered gains, as bond market pressures eased with Treasury yields declining after job market reports fell short of expectations. Despite signs of an employment slowdown, many investors remain hopeful for a Federal Reserve rate cut to boost the economy.

(With inputs from agencies.)