The Asian stock market rises to the highest level since mid-September

The Asian stock market has had a remarkable turnaround for markets that have been affected by economic uncertainty in recent months.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.91 percent, hitting a high not seen since mid-September. The index is up as much as 7% for the month, putting it on track for its biggest monthly gain since the start of the year.

Tokyo’s Nikkei index, while slightly lower today, still has the afterglow of hitting its highest levels since 1990. It’s been an incredible year for Japanese stocks, with the index up nearly 28% and leading the pack in Asia.

Meanwhile, in China, the blue-chip CSI300 index shows a solid gain of 0.66%, while Hong Kong’s Hang Seng index is up an impressive 1.25%. The easing of tensions between the United States and China is certainly helping to lift sentiment in these markets.

On Wall Street, the Nasdaq Composite led the charge, rising 1%, with tech giant Microsoft hitting a record high after a major shakeup in its leadership. Investors will now turn their attention to Nvidia’s earnings and the minutes of the Federal Reserve’s latest meeting, which will provide crucial clues about the future direction of interest rates.

In the bond market, yields are trending lower, thanks to strong demand for US Treasuries. The 10-year Treasury yield fell 1.2 basis points to 4.410%, while the 30-year Treasury yield fell 2.1 basis points to 4.554%.

The dollar is lower, with the dollar index falling 0.058% to 103.37. The Japanese yen gained ground, appreciating 0.22% to 148.03 per dollar. And the Australian dollar, often seen as a barometer of risk appetite, hit a three-month high of $0.65775.

Finally, the price of oil has taken a breather, reversing yesterday’s rally. Concerns about a global economic slowdown appear to outweigh the prospect of deeper supply cuts by OPEC and its allies. US crude fell 0.05% to $77.79 a barrel, while Brent crude fell 0.11% to $82.23 a barrel.

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