A key measure of Asian stocks rose to its highest level since April 2022, powered by technology companies and the Federal Reserve’s supportive comments on the outlook for US interest-rate cuts.
The MSCI Asia Pacific Index advanced as much as 2.2%, the most since Nov. 15, with Taiwan Semiconductor Manufacturing Co., Toyota Motor Corp. and Samsung Electronics Co. among the biggest contributors to the move. The bullish session echoes US gains after Fed policymakers kept their outlook for three cuts in 2024 and moved toward slowing the pace of reducing their bond holdings, suggesting they aren’t alarmed by a recent rebound in price pressures.