Global Markets Surge as Rate Cut Hopes Rise

Asian stocks gained following Wall Street's positive momentum, driven by expectations of a Federal Reserve interest rate cut. The potential easing is bolstered by weaker U.S. economic data, including soft retail sales and decreased consumer confidence. Other global markets, including oil and currency exchanges, showed mixed responses.

In a bullish turn, Asian stock markets followed the upward trend set by Wall Street, as weaker economic data in the United States fueled speculation of a Federal Reserve interest rate cut in December.

Analysts at Westpac noted an improved sentiment across major equity markets, driven by expectations of the U.S. Federal Reserve's policy easing amid declining consumer confidence and retail figures.

Meanwhile, oil prices stabilized after recent declines, and currency exchanges showed mixed activity ahead of significant global economic announcements.

(With inputs from agencies.)