<figure id="attachment_3203240" aria-describedby="caption-attachment-3203240" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-3203240" src="https://media.freemalaysiatoday.com/wp-content/uploads/2025/11/5169b6aa-nikkei-stock-board-afp-07_11_25.webp" alt="" width="1600" height="1000" /><figcaption id="caption-attachment-3203240" class="wp-caption-text">An electronic quotation board displays the Nikkei 225 stock prices on the Tokyo stock Exchange. (AFP pic)</figcaption></figure>
HONG KONG: Most Asian markets rose Thursday to extend the week&#8217;s global rally as traders ramp up bets on a third successive US interest rate cut next month.
With recent worries over stretched valuations appearing to be on the back burner, confidence continues to flow through trading floors, boosting riskier assets, including bitcoin.
Comments from Federal Reserve officials and a string of weak jobs reports have reinforced expectations that next month&#8217;s policy meeting will end with another reduction in borrowing costs.
Meanwhile, the central bank&#8217;s &#8220;beige book&#8221; of economic conditions around the US pointed to a growing divergence in consumption, with lower-income populations pulling back.
&#8220;Overall consumer spending declined further, while higher-end retail spending remained resilient,&#8221; said the report, adding that some retailers felt a negative hit from the record-long government shutdown.
Traders were little moved by data showing a drop in jobless claims, confounding forecasts for a small rise.
Markets are now pricing in around an 80 percent chance of a cut on Dec 10 and a further three next year. That compares with just three reductions in total that Bloomberg said had been previously expected.
All three main indexes on Wall Street pushed higher for a fourth-straight day Wednesday, with markets there closed Thursday for Thanksgiving.
Most of Asia took up the baton.
Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei and Jakarta all advanced, though Wellington and Manila struggled.
However, there were losses in Mumbai, Bangkok, Manila and Wellington, while London opened on the back foot, with Frankfurt and Paris flat.
The global gains come after markets took a hit this month on concerns that a tech-led surge in recent years may have been overdone and the vast sums invested in the AI sector will take time to see returns.
But those worries have for now been overshadowed by the prospect of lower rates &#8212; with the Fed focusing on the jobs market rather than worry about elevated inflation.
Analysts also pointed to a wider range of firms pushing markets higher, with smaller cap companies benefitting from lower borrowing costs.
And Pepperstone&#8217;s Chris Weston said Asia could see more gains.
&#8220;While funds are well aware that US markets are closed in the upcoming session and most traders will also take Friday off, if Asia-based participants see a meaningful skew for further upside in US equity markets, it would make sense for them to get positioned for that risk,&#8221; he wrote in a note.
Bitcoin, which previously plunged to a seven-month low just above US$80,000 amid the recent market swoon, rose back above US$90,000 as risk appetite returned. However, it is still off the record high above US$126,200 touched in early October.
In corporate news, Tokyo-listed beer titan Asahi fell in the morning as it said it would delay its financial results owing to a cyberattack that began in September.
The maker of Asahi Super Dry, one of Japan&#8217;s most popular beers, announced it was experiencing system troubles on Sept 29, stopping its ability to receive orders and to ship products. It blamed a ransomware attack.
Meanwhile, South Korea&#8217;s biggest crypto exchange Upbit said it had suspended deposits and withdrawals following an unauthorised transfer of about US$37 million of digital assets.
The announcement came as it emerged that its parent Dunamu would be bought by Naver Financial, one of the country&#8217;s top tech giants, in a deal valued at more than US$13 billion.
Upbit is the world&#8217;s fourth-largest crypto exchange in terms of trading volume.
Key figures at around 0815 GMT 
Tokyo &#8211; Nikkei 225: UP 1.2 percent at 50,167.10 (close)
Hong Kong &#8211; Hang Seng Index: UP 0.1 percent at 25,945.93 (close)
Shanghai &#8211; Composite: UP 0.3 percent at 3,875.26 (close)
London &#8211; FTSE 100: DOWN 0.1 percent at 9,678.33
Euro/dollar: DOWN at US$1.1588 from US$1.1598 on Wednesday
Pound/dollar: DOWN at US$1.3228 from US$1.3239
Dollar/yen: DOWN at 156.21 yen from 156.42 yen
Euro/pound: DOWN at 87.58 pence from 87.60 pence
West Texas Intermediate: DOWN 0.1 percent at US$58.62 per barrel
Brent North Sea Crude: DOWN 0.2 percent at US$63.03 per barrel
New York &#8211; Dow: UP 0.7 percent at 47,427.12 (close)

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