Japanese stocks rose, with the Topix index extending its best monthly rally since February. Communication providers and shippers led gains.

The Topix added 0.6 percent to 1,502.95 as of 9:02 a.m. in Tokyo, with almost three stocks rising for each that fell. The Nikkei 225 Stock Average gained 0.6 percent to 18,247.17. The yen traded at 119.51 per dollar, after weakening for three days. Japanese equities fell Monday after a data showed China’s economy grew at the slowest quarterly pace since 2009.

E-mini futures on the Standard & Poor’s 500 Index were little changed after the underlying gauge rose less than 0.1 percent on Monday.

Stocks around the world have been rallying throughout October, restoring more than $4 trillion to the value of the global equity market, amid growing confidence the U.S. won’t raise interest rates this year. That came after last quarter’s volatility triggered by China’s surprise decision in August to devalue the yuan. The Topix index is up 6.5 percent in October, heading for its biggest monthly gain since February.

The probability of a Federal Reserve interest-rate increase by the December policy meeting has dropped to 30 percent, down from 70 percent at the start of August, according to futures data compiled by Bloomberg.

Source : Bloomberg