Five Things You Need to Know to Start Your Day: Asia

Good morning. US stocks hit their 30th record this year. Citi unveils its “crown jewel” in revamp. A favorite arbitrage strategy of buying TSMC shares becomes painful. Here’s what’s moving markets. — Isabelle Lee

A rally in megacap tech companies drove stocks to all-time highs, with some prominent Wall Street strategists rushing to boost their targets even as many hedge funds grow increasingly cautious. The S&P 500 hit its 30th record this year, defying concerns about narrow breadth that could make the market more vulnerable to surprises. As traders geared up for retail-sales data and a slew of Federal Reserve speakers, Treasuries fell amid a flurry of high-grade corporate bond sales that exceeded $21 billion. That’s ahead of Wednesday’s national holiday. Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts have pushed equities up about 15% this year. French stocks rebounded after last week’s tumble. The Stoxx Europe 600 was unchanged.