Asian
stocks rose, with the regional benchmark index climbing from its lowest
close since 2012, as Japanese shares advanced and investors awaited
trade data from China.
The
MSCI Asia Pacific Index added 0.1 percent to 124.25 as of 9:07 a.m. in
Tokyo. Japan’s Topix index gained 0.3 percent after a revised report
showed gross domestic product shrank less than previously reported.
While the Shanghai Composite Index lost 2.5 percent on Monday, traders
took solace that the slump wasn’t deeper, driving European shares
higher. Data Tuesday are expected to show further declines in Chinese
exports and imports, potentially reinforcing concern over decelerating
growth there and its impact on the global economy.
South
Korea’s Kospi index rose 0.4 percent. Australia’s S&P/ASX 200 Index
added 0.3 percent, as did New Zealand’s NZX 50 Index. Markets in China
and Hong Kong have yet to start trading.
Uncertainty
over China’s outlook has stoked market volatility the past month, with
the country’s surprise devaluation of the yuan Aug. 11 igniting a
selloff in the riskiest investments. China’s foreign-exchange reserves
fell by a record last month as the central bank sold dollars to support
the yuan after the biggest devaluation in two decades spurred bets on
continued weakness.
E-mini
futures on the Standard & Poor’s 500 Index rose 0.9 percent from
Friday’s close. U.S. markets reopen Tuesday after the Labor Day break.
Futures
traders are pricing in a 30 percent likelihood of an increase in U.S.
interest rates this month, with the Federal Reserve set to announce its
next policy decision on Sept. 17.
Source: Bloomberg
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