Asian Equities Reach Record High After Jobs

Asian equities rose to a record high on Wednesday, with the MSCI Asia Pacific Index gaining 0.4% and about 13% year-to-date, as relatively cheap valuations and firmer growth prospects lured buyers. The advance followed stronger-than-expected US payrolls—130,000 jobs added in January—which pushed the 10-year Treasury yield to 4.18% and tempered expectations for near-term Fed rate cuts ahead of Friday's US inflation report.