"Nikkei 225 Breaks 40,000 Barrier on Tech and China Meeting Expectations"

Japan's Nikkei 225 stock index surpassed the 40,000 mark for the first time, continuing its record-breaking rally, while investors awaited the outcome of China's "Two Sessions" meetings. South Korea's Kospi rose, and Australia's S&P/ASX 200 was flat. Oil prices rose as OPEC+ producers extended voluntary crude supply cuts, and U.S. tech stocks were stand-out performers in 2023. South Korea's industrial output fell for the second straight month, while retail sales grew in January. The equity rally is expected to continue, with Citi remaining bullish on U.S. equities, particularly technology stocks, and U.S. crude oil prices topped $80 for the first time in nearly four months ahead of an OPEC+ decision on production cuts.