Japanese stocks gained after the Topix index capped its longest streak of weekly losses in almost two years. U.S. equity-index futures were little changed after the biggest weekly surge in oil prices since August helped the Standard & Poor’s 500 Index erase its losses for the year.

The Topix rose after capping its fifth weekly drop in a row. S&P 500 futures signaled the U.S. gauge may extend gains after a surge in materials and energy shares boosted the gauge 2.8 percent in the holiday-shortened week. West Texas Intermediate futures surged 9.7 percent last week after U.S. crude inventories declined and drillers idled rigs. Markets in Australia, New Zealand and the U.K. remain closed today.

The Topix advanced 0.5 percent by 9:03 a.m. in Tokyo, with just four of 33 industries retreating. South Korea’s Kospi index was little changed.

Source : Bloomberg