Asian stocks rose for a second day, following U.S. equities higher, as gains in oil buoyed energy companies and Japanese shares climbed after the yen weakened.
The MSCI Asia Pacific Index added 0.4 percent to 121.07 as of 9:00 a.m. in Tokyo, with material and energy shares leading the advance. The Standard & Poor’s 500 Index rose 1.5 percent Monday as a surge in oil prices helped lessen concern that a slowdown in global growth is deepening. Data showed manufacturing in Chicago improved more than expected, before reports on U.S. consumer confidence, home sales, durable goods, economic growth and personal spending this week.
Japan’s Topix index gained 0.8 percent after the yen fell 0.3 percent against the dollar on Monday amid reduced demand for haven assets. The measure has advanced 9.5 percent from a low on Feb. 12.
South Korea’s Kospi index rose 0.6 percent, as did Australia’s S&P/ASX 200 Index. New Zealand’s S&P/NZX 50 Index increased 0.4 percent. Futures on the Hang Seng Index, the Hang Seng China Enterprises Index and the FTSE China A50 Index each gained 0.5 percent in most recent trading.
U.S. crude pared some gains to trade at $33.30 a barrel after jumping 6.2 percent on Monday. The International Energy Agency said a global surplus will persist into next year and limit any chance of a short-term price rebound.