Asian stocks rise as Cisco surges, China reaches 2021 high
Asian stocks got a small boost on Wednesday, thanks to a strong showing by US tech companies.
Cisco's upbeat outlook sent its shares soaring 18% after-hours and helped push Nasdaq-100 futures up by 0.5%.
Chinese stocks were set for a 1% advance, reaching their highest point since 2021, as investors looked ahead to a Trump-Xi summit in Beijing, even though Alibaba and Tencent missed revenue estimates.
Falling oil and $25B bond demand
Falling oil prices and high demand for a $25 billion US bond sale (with the best yields since 2007) added to market confidence.
Meanwhile, inflation in the US is still running hot at 6% year over year, but solid corporate earnings kept things positive: S&P 500 profits jumped 27% last quarter.
Morgan Stanley thinks the index could hit 8,300 within a year if this momentum keeps up.