Asian stocks rose for a
third day after U.S. equities jumped by the most since May and
commodities maintained their rebound from a 13-year low.
The MSCI Asia Pacific
Index gained 0.4 percent to 141.99 as of 9:02 a.m. in Tokyo. An advance
in crude oil on Monday helped pull the Bloomberg Commodity Index up from
its lowest level since 2002, while mine disruptions bolstered copper
and excessive rain improved the outlook for crop prices. The rebound
colored speculation over inflation, with Federal Reserve Vice Chairman
Stanley Fischer saying stubbornly slow price growth in the U.S. won’t
persist.
Japan’s Topix index
rose 0.5 percent after climbing to an eight-year high on Monday. South
Korea’s Kospi index jumped 0.8 percent. Australia’s S&P/ASX 200
Index gained 0.3 percent. New Zealand’s NZX 50 Index fell 0.1 percent.
Markets in Hong Kong and China have yet to start trading.
The Shanghai Composite
Index jumped 4.9 percent on Monday, the most in a month, amid
speculation the government will accelerate mergers among state-owned
enterprises. President Xi Jinping mentioned state-owned enterprise
reform on several occasions recently, which may signal top-level design
ideas for SOE reform have been formed, China International Capital Corp.
analysts led by Hanfeng Wang wrote in a report.
Futures on the
Standard & Poor’s 500 Index were little changed. The underlying
measure climbed 1.3 percent on Monday after Warren Buffett’s Berkshire
Hathaway Inc. agreed to buy Precision Castparts Corp. and
commodities-related shares rallied.
Source: Bloomberg
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