Asian Stocks Rise as S&P 500 and Nasdaq Hit Record Highs – Investors Bet on September Rate Cut

Asian stock markets moved higher on Wednesday, while the U.S. dollar remained weak. Fresh economic data signaled stable growth in major global economies, strengthening the case for central banks to continue supporting economic activity. Currency and commodity markets were calm, while equities posted solid gains.

Wall Street Breaks Records, Nikkei Tops 43,000 On Tuesday, Wall Street closed at new all-time highs as investors increasingly bet that the Federal Reserve will cut interest rates in September.

In Japan, the Nikkei index surpassed the 43,000 mark for the first time in history, gaining 1.4%. A local report showed that manufacturers saw improved business conditions following a trade deal with the United States. The global MSCI All Country World index rose for a second straight day, closing at a record 948.54 points. In digital assets, ether approached a four-year high, briefly touching $4,634.70 — its highest since December 2021 — before easing 0.9%.

U.S. Inflation and the Impact of Trump’s Policy New U.S. Labor Department data showed that CPI rose 2.7% in the 12 months through July. So far, President Donald Trump’s tariff policy has not fed into higher consumer prices. On Wall Street, the S&P 500 and Nasdaq once again pushed to record highs after Trump signed an executive order suspending triple-digit tariffs on Chinese goods for 90 days. According to the CME FedWatch tool, traders now see a 94% probability of a Fed rate cut in September — up from 86% the previous day and 57% a month ago.

Debate Over White House Influence on the Fed Political focus also turned to the central bank. Trump nominated White House adviser Stephen Miran to temporarily fill a vacant seat on the Federal Reserve Board of Governors, sparking discussion over possible political influence on monetary policy. The White House also confirmed that the Bureau of Labor Statistics will continue publishing its monthly jobs report, despite a proposal from Trump’s nominee E. J. Antoni to suspend its release.

Currencies, Oil, and Gold Little Changed The dollar held steady at 147.84 JPY, while the euro inched up 0.1% to $1.1684 after a 0.5% gain in the prior session. The U.S. dollar index slipped for a second consecutive day. On commodity markets, price action was muted — U.S. crude eased 0.05% to $63.14 per barrel, while spot gold held at $3,348.1 per ounce.

Europe Points to Positive Open European stock futures indicated a mildly upbeat start to trading: Euro Stoxx 50 +0.2%, DAX +0.3%, FTSE +0.1%.

U.S. stock futures were little changed, with S&P 500 e-minis flat.

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