Asian shares jump to record highs

MSCI’s ​broadest index of Asia-Pacific shares outside Japan rose for a fifth straight session, adding 1.6% to an all-time high

Asian shares jumped to record highs while oil prices remained higher on Wednesday.

New Zealand’s dollar rose after the central bank kept its policy rate unchanged but signalled future hikes will need to come sooner.

Japanese and South Korean shares scaled new highs after major U.S. stock markets reopened from a holiday to rise to all-time highs on AI optimism. Sentiment remains vulnerable, however, as talks continue to reach a lasting halt to the three-month-long ​ Iran-U.S. war that has rocked energy markets, and central banker comments will be watched for how the war is affecting the outlook for inflation and interest ​rates.

The markets are just waiting for something tangible now when it comes to a deal between the U.S. and Iran, Kyle ⁠Rodda, senior financial market analyst at Capital.com, wrote in a note.

A lot of good news is priced in, leaving room for disappointment if something comprehensive isn’t announced, Rodda said.

MSCI’s ​broadest index of Asia-Pacific shares outside Japan rose for a fifth straight session, adding 1.6% to an all-time high. Nikkei gained 0.5%, briefly trading above the ​66,000 mark for the first time.

KOSPI surged 3.41%, extending gains after Samsung Electronics’ unionised workers voted to approve a tentative wage deal averting a strike that threatened to rattle international chip supplies.

The Reserve Bank of New Zealand held interest rates steady at 2.25% in a split board decision that emphasised the need ​for rates to move up sooner. The ​kiwi climbed 0.7% versus the dollar ⁠to $0.5878.

In Australia, data showed consumer prices increased by less than expected in April while core inflation ticked up. The Aussie softened 0.1% to $0.7161.