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Asian Shares Extend Global Rally as Bonds Slip; Ringgit Weakens

Asian stocks rose amid optimism the global economy is strong enough to withstand higher U.S. interest rates. Brent oil traded near $49 a barrel after OPEC deferred a decision on production cuts, while Malaysia’s ringgit weakened for an 11th straight day.

Chinese and Australian shares paced regional gains after U.S. equity indexes advanced to all-time highs. Government bond yields in Australia and New Zealand climbed as market-implied odds of a Federal Reserve rate hike in December held at 100 percent, while the ringgit slumped toward a 13-month low before a Malaysian central bank meeting on Wednesday. Oil fluctuated after OPEC left unresolved how Iran and Iraq will participate in planned output cuts.

The MSCI All-Country World Index headed for its third day of gains, the longest winning streak in two months, as equity traders took an optimistic stance before America’s Thanksgiving holiday on Thursday. Developed-market shares and the dollar have been among the biggest winners since Donald Trump’s surprise election victory fueled speculation of more fiscal stimulus, while government bonds and emerging markets have slumped. Traders will look for further confirmation of the Fed’s policy intentions when minutes from the central bank’s November meeting are released on Wednesday.

“Bulls have got control here and U.S. equity and many other developed markets are going higher, at least in the short term,” Chris Weston, chief markets analyst in Melbourne...