Stocks in Japan, South Korea and Taiwan ended the week at record highs on Friday as investors bet Asia’s chipmakers would benefit from an artificial intelligence boom and interest rate cuts in the US.
The surge in the three markets has driven the MSCI Asia-Pacific benchmark near an all-time high. The index is outperforming the MSCI World gauge, which only tracks developed markets, by the widest margin in eight years.
Asian equities followed a rally on Wall Street, where the S&P 500 closed at a record high on Thursday. Investors widely expect the US Federal Reserve to cut interest rates next week after August data showed slowing jobs growth.