Asian stocks rose for a third day after U.S. equities jumped by the most since May and commodities maintained their rebound from a 13-year low.

The MSCI Asia Pacific Index gained 0.4 percent to 141.99 as of 9:02 a.m. in Tokyo. An advance in crude oil on Monday helped pull the Bloomberg Commodity Index up from its lowest level since 2002, while mine disruptions bolstered copper and excessive rain improved the outlook for crop prices. The rebound colored speculation over inflation, with Federal Reserve Vice Chairman Stanley Fischer saying stubbornly slow price growth in the U.S. won’t persist.

Japan’s Topix index rose 0.5 percent after climbing to an eight-year high on Monday. South Korea’s Kospi index jumped 0.8 percent. Australia’s S&P/ASX 200 Index gained 0.3 percent. New Zealand’s NZX 50 Index fell 0.1 percent. Markets in Hong Kong and China have yet to start trading.

The Shanghai Composite Index jumped 4.9 percent on Monday, the most in a month, amid speculation the government will accelerate mergers among state-owned enterprises. President Xi Jinping mentioned state-owned enterprise reform on several occasions recently, which may signal top-level design ideas for SOE reform have been formed, China International Capital Corp. analysts led by Hanfeng Wang wrote in a report.

Futures on the Standard & Poor’s 500 Index were little changed. The underlying measure climbed 1.3 percent on Monday after Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Precision Castparts Corp. and commodities-related shares rallied.

Source: Bloomberg