Asian stocks rose, after posting their first weekly advance since July, as investors awaited this week’s Federal Reserve policy decision and weighed mixed economic reports from China.
The MSCI Asia Pacific Index added 0.3 percent to 127.69 as of 9:01 a.m. in Tokyo. China’s fixed-asset investment rose at the slowest pace in 15 years and industrial production trailed analyst estimates, while August retail sales topped projections, reports published over the weekend showed. Economists are about evenly split on whether the Fed will raise rates Sept. 17, as traders hold bets on a move at 28 percent.
Japan’s Topix index climbed 0.3 percent, as did South Korea’s Kospi index. Australia’s S&P/ASX 200 Index rose 0.4 percent and New Zealand’s NZX 50 Index increased 0.4 percent. Markets in China and Hong Kong have yet to start trading.
China’s industrial output rose 6.1 percent in August from a year earlier, the National Statistics Bureau said Sunday, below the 6.5 percent median estimate of economists surveyed by Bloomberg. Fixed-asset investment climbed 10.9 percent in the first eight months, compared to a median projection of 11.2 percent. The weaker industrial and investment figures underscore the challenge the government faces in meeting its growth target of 7 percent this year, as exports decline and producer price deflation deepens.
Source : Bloomberg