Asian Shares Mostly Rise as Wall Street Rally Raises Hopes for Fed Rate Cut

Asian stock markets mostly rose Wednesday, mirroring record gains on Wall Street after a fresh jobs-data revision and renewed bets that the U.S. Federal Reserve will cut interest rates at its next meeting.

Japan's benchmark Nikkei 225 climbed 0.5% to 43,684.29 in morning trading, while South Korea's Kospi jumped 1.3% to 3,303.51. Australia's S&P/ASX 200 added 0.2% to 8,824.20 and Hong Kong's Hang Seng rose 0.7% to 26,131.20. Mainland China's Shanghai Composite was little changed, edging down less than 0.1% to 3,804.28.

On Wall Street, the S&P 500 crossed its record high set last week, rising about 0.3%, while the Dow Jones Industrial Average climbed roughly 196 points, or 0.4%. The Nasdaq composite also advanced about 0.4%, with all three indexes reaching fresh records in session trade. Market participants said the moves reflected growing confidence the Fed will begin easing policy in response to signs of softening in the U.S. labor market.

Traders reacted to a government disclosure that the prior count of U.S. jobs through March may have been overstated by roughly 911,000, or 0.6%. The revision, which relates to benchmarking adjustments, was cited by investors as fresh evidence the job market may be cooling enough to persuade Fed officials to lower their main policy rate. A Fed rate cut could support economic growth but also carries risks of lifting inflation, a balance policymakers must weigh.

The outlook for U.S.-China trade relations remained a source of uncertainty. U.S. tariffs on Chinese imports have been raised in recent months, and the notes cited an additional 30% U.S. tariff on Chinese goods along with a 10% Chinese tariff under a de-escalation accord reached in May. Ongoing bilateral talks are being monitored closely by Asian and global investors for signs of progress or further escalation.

In fixed-income markets, the yield on the 10-year U.S. Treasury rose to about 4.08% from 4.05% late Monday. Oil prices moved higher but in a contained fashion: benchmark U.S. crude added about 51 cents to $63.14 a barrel, while Brent crude rose 51 cents to $66.90. Market participants noted that rising tensions in the Middle East, including reported Israeli strikes on political targets in Qatar, have so far had limited impact on prices.

Currency markets were relatively steady. The dollar eased to about 147.31 Japanese yen from 147.37, while the euro was little changed at $1.1705 compared with $1.1714.

Investors will be watching upcoming U.S. economic reports and the Federal Reserve's policy decision for clearer signals on the pace and timing of any rate cuts, as well as updates from U.S.-China talks that could affect global trade flows and corporate earnings.