Asian shares tracked Wall Street higher Friday as expectations of rapid U.S. rate cuts lifted sentiment, easing bond yields and weighing on the dollar. Japan’s Nikkei rose 1% to another record, South Korea’s KOSPI gained 1.3%, and Chinese stocks hit a 3-1/2 year high on AI optimism.

S&P 500 and Nasdaq futures held near record peaks, while European futures edged up 0.2%. Markets are pricing a 100% chance of a Fed cut next week, with Citi expecting 125 bps of easing over the next five meetings.

The euro steadied at $1.1728 after the ECB signaled policy is “in a good place,” while the yen traded around 147.40 per dollar.

In commodities, gold rose 0.5% to $3,654/oz, close to its record high, while oil slipped on IEA forecasts of a surplus.