Asian Stocks Gain on U.S. Growth Signs as Oil Rises, Kiwi Drops

Asian Stocks Gain on U.S. Growth Signs as Oil Rises, Kiwi Drops

Bloomberg, (24/4) -- Most Asian stocks gained after U.S. home sales increased and Apple Inc. boosted its dividend. The New Zealand dollar advanced as the central bank said economic growth has quickened. Oil and gold increased. The MSCI Asia Pacific Index climbed 0.4 percent as of 9:27 a.m. in Tokyo. Standard & Poor’s 500 Index futures dropped 0.1 percent after the underlying gauge surged 1 percent yesterday. The kiwi strengthened 0.4 percent to 84.28 U.S. cents, while the yen weakened 0.2 percent to 99.66 per dollar. Oil added 0.2 percent to $89.31 a barrel and gold rose 0.3 percent. “The global liquidity story remains in place,” Dan Veru, chief investment officer at Palisade Capital Management LLC, said by phone. The Fort Lee, New Jersey-based firm manages $3.8 billion. “The U.S.    economy with all its warts is growing, whereas other economies are not and that makes our stocks attractive.” Four stocks rose for each that fell in the MSCI gauge. The Nikkei 225 Stock Average climbed 1.4 percent. SK Hynix jumped 1.4 percent in Seoul while LG Display Co. gained 0. percent. Reserve Bank of New Zealand Governor Graeme Wheeler kept the nation’s official cash rate at 2.5 percent, unchanged since March 2011. The decision was predicted by all 15 economists in a Bloomberg survey. The central bank reiterated that borrowing costs are likely to be maintained in 2013.