Asian stocks rose after a rally in U.S. equities, with Japanese shares jumping and industrial companies leading gains.
The MSCI Asia Pacific Index gained 0.9 percent to 118.83 as of 9:03 a.m. in Tokyo, while Japan’s Topix index added 2 percent. The regional gauge is heading for a 9.9 percent decline this month as concern about a slowdown in China and a rout in oil and other commodities sent shares tumbling. The Standard & Poor’s 500 Index rebounded 1.4 percent on Tuesday as investors looked past another selloff in Chinese stocks to focus on a rally in crude and better-than-forecast earnings. Attention now turns to central banks, with both the Federal Reserve and the Bank of Japan reviewing policy this week.
E-mini futures on the S&P 500 dropped 0.6 percent. After U.S. cash markets closed, Apple Inc. forecast a decline in sales for the first time in more than a decade, adding to evidence that the market for smartphones is becoming saturated and that expansion in China is no longer enough to maintain the company’s unprecedented run of growth.