MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.4% higher, Japan’s Nikkei added 0.7% and touched a five-week high, while world shares were near last week’s record highs

Asian shares hit two year highs while copper and gold struck records on Monday as investors wagered on interest rate cuts around the corner and China stepping up efforts to stabilise its ailing property sector.

Brent crude futures hit a one-week high of $84.25 a barrel.

Gold jumped more than 1% to $2,449.89 and copper futures soared almost 7% in Shanghai to a record 88,940 yuan a tonne and fetched $11,104.50 in London.

ANZ analysts pointed to tight supply and signs of resilient global growth as helping copper and noted record first-quarter imports of 566 tonnes of gold into China as supporting prices.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.4% higher, Japan’s Nikkei added 0.7% and touched a five-week high, while world shares were near last week’s record highs.

S&P 500 futures gained 0.1%, as did FTSE futures and European futures.

China announced “historic” steps on Friday to stabilise its property sector, with the central bank facilitating 1 trillion yuan ($138 billion) in extra funding and local governments set to buy some apartments. It left benchmark rates on hold, as expected.

After last week cheering a drop in U.S. inflation and European policymakers’ flagging rate cuts as soon as June, investor focus now turns to policy speeches, meeting minutes, a central bank decision in New Zealand and Nvidia results.

The week ahead will pivot on the Fed speakers and Fed minutes in how they paint the picture of policy risks ahead, with a bias to ease rather than hike essential, according to Bob Savage, BNY Mellon’s head of markets strategy and insights.

Two-year U.S. Treasury yields ended last week 4 bps lower at 4.825% and were steady in Asia trade. Ten-year U.S. yields were down 8.4 bps last week to 4.42%.