Asian Stocks Advance Third Day as Materials Shares Lead Gains

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Asian stocks rose for a third day, led by materials companies, as crude futures rebounded. Australias benchmark index headed for its biggest two-day gain in three years.

The MSCI Asia Pacific Index rose 0.3 percent to 137.34 as of 9:05 a.m. in Tokyo. The gauge jumped by the most in two months on Dec. 19 amid a global equities rally after the Federal Reserve last week pledged to be patient on the timeline for interest-rate increases. Australias S&P/ASX 200 Index was set for a 3.5 percent two-day gain, the most since December 2011.

Japans Topix index and South Koreas Kospi index added 0.3 percent. New Zealands NZX 50 Index climbed 0.1 percent. Markets in China and Hong Kong have yet to open. Brent crude rose 0.1 percent to $61.45 a barrel after rallying the most since October 2012 on Dec. 19.

Source : Bloomberg