Asian Stocks Advance for a Ninth Day Before China Data (Bloomberg) Asian stocks rose for a ninth day ahead of reports on Chinese industrial production and retail sales that are forecast to show the world’s second-largest economy is rebounding. The MSCI Asia Pacific Index gained 0.3 percent to 136.03 as of 9:02 a.m. in Tokyo before markets open in Hong Kong and China. The gauge last week posted its biggest weekly advance since April on signs the global economy is recovering. A report today will show factory output in China accelerated by 9.9 percent in August from a year earlier, according to the median estimate of 45 analysts surveyed by Bloomberg News. Retail sales probably rose 13.3 percent, a separate poll shows. “The market should be pretty positive that industrial production in China is picking up,” Evan Lucas, a Melbourne-based strategist at IG Markets, said in a telephone interview. “Positive indicators from China coupled with what’s going on in Japan really put Asia back on track, making the region a very good investment case.” Japan’s Topix index rose 0.8 percent and South Korea’s Kospi index gained 0.2 percent. New Zealand’s NZX 50 Index advanced 0.4 percent and Australia’s S&P/ASX 200 Index increased 0.1 percent. The Topix surged 36 percent this year through yesterday, the best performing among developed markets tracked by Bloomberg. Shares have jumped amid optimism Prime Minister Shinzo Abe and the Bank of Japan can lead the country out of deflation with stimulus and reforms.
Posted on: Tue, 10 Sep 2013 01:52:36 +0000
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