Asia Shares Soar Amid Wall Street Rally and Fed Speculations

Asia shares climbed to their highest level in over three years on Friday, driven by a Wall Street rally and growing optimism about loosened U.S.-China trade restrictions. However, unease about the Federal Reserve's independence and potential rate cuts kept the U.S. dollar under pressure.

Global stock indexes, bolstered by positive trade news and subdued geopolitical tensions, are poised for a strong weekly close. Notably, Japan's Nikkei surged past the 40,000 mark, while MSCI's Asia-Pacific index reached levels unseen since November 2021.

Despite buoyant stock markets, commodities like oil registered weekly declines, mitigated by a stable Iran-Israel ceasefire, indicating easing supply concerns. Meanwhile, weaker U.S. economic data has sustained investor focus on potential further rate cuts by the Fed.

(With inputs from agencies.)