Asian stocks set to rise as Wall Street closed at record highs, driven by optimism over a possible US‑Iran cease‑fire and strong earnings. Futures point to gains in Japan and Hong Kong, flat in Australia. Treasury and oil prices muted, gold up after a drop, as risk appetite returns.

Financials led the rally, with Bank of America and Morgan Stanley posting stronger‑than‑expected revenue that lifted sector indices. Technology shares surged; Oracle jumped 4.2% and Microsoft rose 4.6% as investors shifted from chip names to beaten‑down software stocks. Piper Sandler’s Craig Johnson warned optimism could fade if headlines turn in the near term for markets.

Emerging‑market equities extended gains, with the MSCI Emerging Markets Index climbing 1.2% to a two‑day rise of over 3%, pushing YTD returns near 13%. Goldman Sachs highlighted stronger performance in North Asia, Europe and Latin America, while oil‑importing ASEAN and India lagged due to ongoing physical disruptions and heightened geopolitical uncertainty that weigh on sentiment.

The prospect of a two‑week cease‑fire extension has trimmed the risk premium that built up after February’s conflict flare‑up, encouraging investors to re‑enter risk assets. While tech rotation may prompt a short‑term pause, overall market breadth suggests the rally could persist unless new headlines revive caution or policy shifts affect liquidity. Investors remain vigilant today.