Asian Stocks Advance After US Small-Cap Rally: Markets Wrap

-- Equities in Asia rose after Wall Street closed higher, helped along by a rotation out of megacap tech and into economically sensitive shares including smaller companies.Dubai’s Allure to Expats Is Weighing on City’s Infrastructure

The moves signal a shift out of the world’s largest tech companies that have soared on the back of the artificial intelligence boom and into other stocks that benefit in benign economic conditions. Chinese President Xi Jinping has called on government officials to make every effort in the final quarter to help the country meet its annual growth target of around 5%. However, after a series of press conferences this month in which policymakers offered no details of fresh stimulus, fears are now mounting that efforts may not be enough to revive growth. The next key event is a press briefing by the housing minister on Thursday.

The S&P 500 has already set 46 closing records this year, and according to the trading desk at Goldman Sachs Group Inc., that rally is primed to extend into the final months of 2024. In commodities, West Texas Intermediate rose after falling for a fourth day Wednesday. Gold was steady after two sessions of advances. Bitcoin was little changed Thursday after rising 1.7% to touch the highest level since July on Wednesday.The Bloomberg Dollar Spot Index was little changedThe yield on 10-year Treasuries advanced two basis points to 4.03%West Texas Intermediate crude rose 0.7% to $70.

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