Asian stocks rose, following a rebound in global shares, amid optimism over the American economy. Japanese equities climbed as the yen weakened.
The MSCI Asia Pacific Index gained 0.4 percent to 141.64 as of 9:02 a.m. in Tokyo. The Standard & Poor’s 500 Index advanced 0.3 percent on Wednesday as data showed the fastest pace of U.S. service-sector growth in a decade. Japan’s Topix index added 0.9 percent as the yen traded at 124.80 per dollar after three days of declines.
Traders are bolstering bets the Federal Reserve will raise interest rates before the year is out as the economy appears firmly in recovery mode. Interest-rate futures showed the chances of a Federal Reserve rate increase next month reached 48 percent Thursday, up from 38 percent earlier this week.
Australia’s S&P/ASX 200 Index was little changed, while New Zealand’s NZX 50 Index rose 0.2 percent. South Korea’s Kospi index advanced 0.4 percent.
Hong Kong-traded stocks are poised to gain, with futures on the Hang Seng Index climbing 0.5 percent and contracts on the Hang Seng China Enterprises Index, which tracks mainland shares listed in the city, rising 0.4 percent. FTSE China A50 Index futures advanced 0.1 percent in Singapore, while those on the Shanghai Shenzhen CSI 300 Index dropped 1.6 percent.
Chinese stocks traded in the U.S. rose a second day Wednesday, with the Bloomberg China-US Equity Index up 1 percent. The Shanghai Composite Index lost 1.7 percent on Wednesday after changing direction more than 10 times. Volumes on the index are falling amid concern government intervention designed to prevent another stock rout is driving away investors.
Source : Bloomberg