Most Asian markets track latest Wall St rally as rate bets rise

Most Asian markets rose Thursday to extend the week's global rally as traders ramp up bets on a third successive US interest rate cut next month.

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With recent worries over stretched valuations appearing to be on the back burner, confidence continues to flow through trading floors, boosting riskier assets, including bitcoin.

Comments from Federal Reserve officials and a string of weak jobs reports have reinforced expectations that next month's policy meeting will end with another reduction in borrowing costs.

Meanwhile, the central bank's "beige book" of economic conditions around the United States pointed to a growing divergence in consumption, with lower-income populations pulling back.

"Overall consumer spending declined further, while higher-end retail spending remained resilient," said the report, adding that some retailers felt a negative hit from the record-long government shutdown.

Traders were little moved by data showing a drop in jobless claims, confounding forecasts for a small rise.