HONG KONG - Most markets rose on Tuesday, while gold and silver hit fresh records as optimism for more US interest rate cuts and an easing of AI fears helped investors prepare for the festive break on a positive note.
Data showing US unemployment rising and inflation slowing gave the Federal Reserve more room to lower borrowing costs and provided some much-needed pep to markets after a recent swoon.
That was compounded by a blockbuster earnings report from Micron Technologies that reinvigorated tech firms.
With few catalysts to drive gains on Wall Street, tech was again at the forefront of buying Monday, with chip titan Nvidia and Tesla leading the way.
Asian markets enjoyed a bright start though some stuttered as the day wore on.
Sydney, Seoul, Shanghai, Sydney, Singapore, Taipei, Wellington, Bangkok and Jakarta were all higher, while Tokyo and Mumbai were flat.
Hong Kong and Manila dipped.
Precious metals were also pushing ever higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.
Bullion jumped to a high above $4,497 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding a geopolitical twist.
On currency markets, the yen extended gains after Japan's Finance Minister Satsuki Katayama flagged authorities' powers to step in to support the unit, citing speculative moves in markets.
The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signalling another rate hike anytime soon following last week's increase.
Oil prices dipped, having jumped more than two percent Monday on concerns about Washington's measures against Caracas.