Asian stocks rose as a rally in Japanese equities countered a decline in mining shares amid a deepening commodities rout.
The MSCI Asia Pacific Index gained 0.1 percent to 143.76 as of 9:05 a.m. in Tokyo. A gauge of commodities returned to a 13-year low, with a rout that started in gold infecting other metals, oil and farm products. The Nasdaq Composite Index slumped on Wednesday by the most in two weeks as disappointing results from Apple Inc., Microsoft Corp. and Yahoo! Inc. rippled through technology stocks.
Japan Topix index gained 0.6 percent while Australia’s S&P/ASX 200 Index was little changed. Markets in China and Hong Kong have yet to open.
South Korea Kospi index slipped 0.1 percent. The country economic growth slowed in the second quarter as the outbreak of Middle East Respiratory Syndrome damped consumer spending in an economy that’s already struggling with weak sentiment and an export slump.
Source : Bloomberg