Asian stocks rose, with the regional benchmark index heading for its third day of advance, as commodity producers climbed amid renewed global appetite for riskier assets.
The MSCI Asia Pacific Index gained 0.6 percent to 134.28 as of 9:00 a.m. in Tokyo. The Standard & Poor’s 500 Index climbed on Tuesday to within 1 percent of its all-time high. U.S. stocks have reversed all of their losses since China shocked global markets by unexpectedly devaluing the yuan in August, as concern over the slowdown in Asia’s biggest economy abates and traders refocus on the outlook for central bank stimulus.
Japan’s Topix index rose 1.3 percent as markets in Tokyo resumed trading following a holiday on Tuesday. Japan Post Holdings Co. and its banking and insurance units debut today in the world’s biggest initial public offering this year. South Korea’s Kospi index added 0.3 percent. Australia’s S&P/ASX 200 Index jumped 1.2 percent. New Zealand’s S&P NZX 50 Index rose 0.6 percent. Markets in Hong Kong and China have yet to start trading.