Asian stocks advanced for a second consecutive day as progress toward ending the record-long US government shutdown lifted sentiment, sparking a cross-asset rally from commodities to cryptocurrencies.

Shares in Japan, South Korea and Australia all rose at the open. The S&P 500 rose 1.5% on Monday, and the Nasdaq 100 added 2.2%. The MSCI All Country World Index had its best day since late June and a Bloomberg gauge of commodity prices rose to the highest level since August 2022. An index of the dollar weakened on Monday, while gold and Bitcoin rallied.

Gains for US stocks were accompanied by declines in Treasuries as the White House expressed support for the bipartisan deal to end the shutdown, a key development that makes it likely the government will reopen within days. Separately, Pre

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