Stocks Edge Up to Near Record, Bonds Extend Slide - Asia Market Wrap

Global stocks edged closer to record highs as investors looked past concerns over elevated oil prices and bond yields near multi-decade highs. A tech-led rally on Wall Street pushed the Nasdaq 100 to a record close, while gains in Nvidia and Microsoft left the S&P 500 within 0.5% of its all-time peak. MSCI’s Asia-Pacific index rose around 0.1%, leaving it roughly 2% below its record, while the MSCI All Country World Index remained less than 1.5% from its August high. Equity futures in Europe and the US pointed to further gains as sentiment toward stocks remained broadly positive. Treasuries extended losses, with the US 10-year yield rising around 1 bp to 5.32%, near levels last seen in 2002. The two-year yield climbed around 2 bps to 4.83%, while government bonds in Japan, Australia and New Zealand also fell after tracking declines in US Treasuries. Gold slipped around 0.4% to roughly $4,120 an ounce, while Brent crude rose 0.6% to about $100.90 a barrel, recovering some of Monday’s losses. The Euro remained near a 17-month low as concerns over rising borrowing costs and France’s fiscal outlook continued to weigh on the currency. Investors are also watching political developments i