MSCI's main world stock index and its emerging market stock counterpart (.MSCIEF: Quote, Profile, Research) were both at all-time highs after the Dow Jones industrial average (.DJI: Quote, Profile, Research) and S&P 500 (.SPX: Quote, Profile, Research) scaled similar peaks on Tuesday.
Wall Street looked set for a subdued start on Wednesday after the gains and European shares were flat.
Catalyst for the generally bullish mood were U.S. Federal Reserve minutes released on Tuesday which showed policymakers expected somewhat slower U.S. economic growth and lower inflation risks.
Equity investors tended to focus on the longer-term implications for growth with the prospects of the Fed acting to combat problems with lower interest rates if needed.
"Most investors are no longer so worried about the U.S. economy, and there are expectations that the Fed will continue to lower rates if the U.S. economy slows down," said Cho Seong-joon, an analyst at SK Securities in South Korea.
The FTSEurofirst 300 (.FTEU3: Quote, Profile, Research) index of top European shares was flat but sentiment was generally bullish.
Earlier, Japan's Nikkei (.N225: Quote, Profile, Research) stock average ended almost flat after erasing early gains. It closed up 0.1 percent or 17.99 points at 17,177.89. The broader TOPIX index (.TOPX: Quote, Profile, Research) was down 0.1 percent at 1,658.18.