Asian Markets Surge Amid Wall Street Rally and Fed Speculation

Asian shares hit their highest point in over three years on Friday, riding the wave of a Wall Street rally. Stock indexes globally are closing the week on a high note, set aside from concerns over Middle East tensions and trade uncertainties.

MSCI's broadest index of Asia-Pacific shares outside of Japan climbed to levels not seen since November 2021, while Japan's Nikkei topped 40,000, buoyed by U.S.-China agreements on rare earth shipments. Alliance developments are also soothing foreign investor apprehensions.

The market is positive despite a faltering dollar, driven lower by expectations of Federal Reserve rate cuts and potential leadership changes. U.S. and European futures made gains, with commodities such as oil and gold experiencing fluctuations amid geopolitical developments.

(With inputs from agencies.)