Asian stocks rose, resuming this week’s rally after oil rebounded and U.S. equities extended gains to a third day.
The MSCI Asia Pacific Index jumped 1.6 percent to 119.56 as of 9:10 a.m. in Tokyo, with material companies leading gains. The Standard & Poor’s 500 Index rose as the Federal Reserve hinted it may be expecting a slower pace of interest-rate increases this year. Oil climbed above $31 a barrel after Iran supported a proposal by Saudi Arabia and Russia to freeze production at near-record levels, without saying whether it would curb its own output.
The regional benchmark gauge is up 5.8 percent over four days, heading for its best week since 2011 after sinking to a 3 1/2-year low on Friday amid concern about the growth outlook for the world’s largest economies and the rout in oil.
The Topix index gained 2.7 percent, wiping out Wednesday’s losses. Japanese stocks are up 10 percent this week, including an 8 percent surge on Monday, as investors speculate losses that sent global equities into a bear market last week were overdone and amid optimism central banks will support financial markets. The yen traded at 114.26 per dollar.
Source : Bloomberg