Asian stocks rose, with consumer shares leading
gains, as investors awaited a Bank of Japan policy decision Tuesday
ahead of the Federal Reserve’s meeting later this week.
The MSCI Asia Pacific Index advanced 0.2 percent to
127.53 as of 9:03 a.m. in Tokyo. Two of 35 economists expect extra
monetary stimulus from Japan’s central bank, while traders put odds of
the Fed raising borrowing costs at its Sept. 16-17 meeting at 28
percent.
Japan’s Topix index traded little changed. The BOJ
will expand easing on Oct. 30, according to 11 economists in the
Bloomberg survey taken from Sept. 7-10. Of the total respondents, 13
said they don’t expect any stimulus at all.
Australia’s S&P/ASX 200 Index climbed 0.1
percent. Former Cabinet minister Malcolm Turnbull, 60, became the
nation’s prime minister late Monday after ousting Tony Abbott, 57, for
the Liberal Party leadership. With an election due by next year the
former Goldman Sachs Group Inc. executive must turn around the
government’s poor ratings.
South Korea’s Kospi index was little changed and
New Zealand’s NZX 50 Index rose 0.2 percent. Stocks in China and Hong
Kong have yet to start trading, with futures on the Hang Seng Index
sliding 0.6 percent.
The Shanghai Composite Index fell 2.7 percent on
Monday, its steepest drop in almost three weeks, after data over the
weekend added to concern China’s economic slowdown is deepening and as
traders gauged the level of state support for equities.
E-mini futures on the Standard & Poor’s 500
Index were little changed. The underlying U.S. equity benchmark measure
slid 0.4 percent on Monday.
Source : Bloomberg
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