Asian stocks rose, with the regional benchmark index climbing from its lowest close since 2012, as Japanese shares advanced and investors awaited trade data from China.
The MSCI Asia Pacific Index added 0.1 percent to 124.25 as of 9:07 a.m. in Tokyo. Japan’s Topix index gained 0.3 percent after a revised report showed gross domestic product shrank less than previously reported. While the Shanghai Composite Index lost 2.5 percent on Monday, traders took solace that the slump wasn’t deeper, driving European shares higher. Data Tuesday are expected to show further declines in Chinese exports and imports, potentially reinforcing concern over decelerating growth there and its impact on the global economy.
South Korea’s Kospi index rose 0.4 percent. Australia’s S&P/ASX 200 Index added 0.3 percent, as did New Zealand’s NZX 50 Index. Markets in China and Hong Kong have yet to start trading.
Uncertainty over China’s outlook has stoked market volatility the past month, with the country’s surprise devaluation of the yuan Aug. 11 igniting a selloff in the riskiest investments. China’s foreign-exchange reserves fell by a record last month as the central bank sold dollars to support the yuan after the biggest devaluation in two decades spurred bets on continued weakness.
E-mini futures on the Standard & Poor’s 500 Index rose 0.9 percent from Friday’s close. U.S. markets reopen Tuesday after the Labor Day break.
Futures traders are pricing in a 30 percent likelihood of an increase in U.S. interest rates this month, with the Federal Reserve set to announce its next policy decision on Sept. 17.