Asian stocks saw a surge overnight, with the Nikkei rising 1.4% in Japan and the Hang Seng climbing 1.5% in Hong Kong. The Shanghai Composite also ended the session 0.1% up. In Tokyo trading, US Treasury yields continued to decline, reaching six-week lows. This decline helped the yen to strengthen, despite data showing a larger contraction than expected in the Japanese economy in the first quarter.
Wall Street surged to all-time highs, driven by milder US inflation and increased expectations of two interest rate cuts by the Federal Reserve this year. The S&P 500 jumped 1.2% to 5,308.15, the Dow Jones gained 0.9% to 39,908.00, and the Nasdaq Composite advanced 1.4% to 16,742.39.
The dollar continued to weaken against currencies like the euro and sterling as crude oil prices strengthened after a rebound from a two-month low overnight
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