• Asian equities joined a global rally in stocks and bonds on signs the Federal Reserve will cut rates next year, reigniting a bullish pulse across markets as inflation eases.
• Australian shares opened higher and Japanese equity futures rose after a rally on Wall Street pushed the S&P 500 to the highest level in nearly two years and to within 2% of its peak. Apple Inc shares touched a new high, helping push the Dow Jones Industrial Average to a record and the Nasdaq 100 to a gain of more than 50% this year.
• Those moves followed dovish signs from the Federal Reserve on Wednesday, which held rates steady but indicated through its “dot plot” that officials anticipate cutting rates 75 basis points in 2024 — a sharper pace of cuts than indicated in September.