Japan's Nikkei smashes 40,000 point barrier, Asia markets poised to track Wall Street gains

Japan’s Nikkei 225 crossed the 40,000 mark, setting a new record high. This led gains in Asia as other markets also rose, tracking Wall Street’s performance. The S&P 500 and Nasdaq Composite hit fresh all-time highs on Friday. China’s “Two Sessions” meetings are also drawing investor attention. These annual meetings involve China’s legislature and political advisory body. China premier Li Qiang is expected to deliver the government’s work report, detailing economic and policy goals. Australia’s S&P/ASX 200 started the week near a flatline, while Hong Kong’s Hang Seng index is set to open slightly down. Oil prices rose as major producers extended voluntary crude supply cuts. The tech sector led the S&P 500’s gains this week, followed by consumer discretionary. Health care underperformed. Citi believes there is still room for the equity rally to continue and remains bullish on US equities, particularly technology stocks.