Global stocks advanced amid signs of an improving world economy, strong corporate earnings growth and central bank stimulus measures. Repeating a common theme, several key market indexes reached historic highs. Japanese stocks led developed markets higher as investors welcomed the snap election victory orchestrated by Prime Minister Shinzō Abe.
Information technology stocks rallied, supported by better-than-expected corporate earnings in the sector. Basic materials stocks also enjoyed significant gains amid accelerating activity in the manufacturing sector and higher demand from China. Telecommunications stocks fell on concerns about declining cable TV subscriptions and waning demand for mobile phone upgrades.