Asian stocks rose broadly on Friday (November 8), tracking Wall Street’s overnight rise to record highs, as investors digested the Federal Reserve’s message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump.

Although the U.S. Federal Reserve’s rate cut was expected, Trump’s pro growth policies could be inflationary and slow down future cuts, Associate Professor of Finance at Melbourne’s RMIT University Angel Zhong said.

In Tokyo, the benchmark Nikkei 225 opened up 1.02% to 39,783.45 points. The Nikkei rose 0.3% to 39,515.36 by the midday break after ending lower on profit-taking the previous day, while the broader Topix was up 0.1% at 2,746.04.

In South Korea, the benchmark Korea Composite Stock Price Index (KOSPI) opened up 0.86% to 2,586.70 points.

In Shanghai, the benchmark Shanghai Composite Index (SSE) opened up 0.91 percent to 3,502.13.

(Reuters)