Asian Index Futures Climb Before China Output Data as Oil Slips

Bloomberg (10/9) -- Asian stock-index futures rose, indicating the benchmark gauge may extend its longest rally this year, before Chinese factory output and retail sales data. U.S. equities gained and crude oil fell from a two-year high. Nikkei 225 Stock Average futures added 0.4 percent by 3 a.m. in Osaka and rose 3.4 percent in Chicago, while contracts on Australian shares climbed 0.2 percent. The Standard & Poor’s 500 Index rallied a fifth day, rising 1 percent in New York and 10-year Treasury yields lost three basis points to 2.91 percent. The yen was little changed at 99.62 per dollar after slipping 0.5 percent yesterday. West Texas Intermediate crude lost 0.9 percent and gold held its losses in early trading. Chinese industrial production and retail sales reports today will probably add to signs the world’s second-largest economy is rebounding, with factory output projected to have grown at the fastest pace this year in August, according to a Bloomberg survey. The Bank of Japan also issues minutes of last month’s meeting. The MSCI Asia Pacific Index climbed an eighth day yesterday to an almost four-week high. Crude slumped as the U.S. strived to get Congressional approval for a Syria strike. “Risk appetite improved,” Imre Speizer, a markets strategist in Auckland at Westpac Banking Corp., wrote in an e-mail to clients today. “Chinese data will probably be more important for markets today.” Futures on the Hang Seng Index in Hong Kong climbed 0.4 percent in their most recent trading session, while contracts on the Hang Seng China Enterprises Index added 0.6 percent. The Bloomberg China-US Equity Index of the most-traded Chinese stocks in New York rose a fifth trading day, increasing 1.8 percent to the highest level since Jan. 22.