Japanese equities
rose, with the Nikkei 225 Stock Average on course for its highest close
in almost two decades, as global shares rallied amid a rebound in
commodity prices.
The Nikkei 225 added
0.5 percent to 20,912.43 as of 9:01 a.m., heading for its highest
closing level since December 1996. The Topix index advanced 0.6 percent
to 1,700.66, on course for its highest close since July 2007, as all but
four of its 33 industry groups advanced. The Bloomberg Commodity Index
jumped the most since February as U.S. oil advanced 2.5 percent and
copper rallied 2.6 percent, sending U.S. stocks higher by the most since
May.
Crude on Monday
climbed from its lowest settlement price in almost five months as
Chinese oil imports rose to a record in July. Overseas purchases by
China increased to 30.71 million metric tons in July, higher than
December’s level of 30.4 million tons, a previous monthly record.
Futures on the
Standard & Poor’s 500 Index were little changed after the underlying
measure jumped 1.3 percent on Monday in New York. Materials stocks
climbed the most this year as copper rallied from a six-year low. The
metal has lost 16 percent this year on prospects for rising global
output and slower demand in China, the biggest user. The Stoxx Europe
600 Index added 0.7 percent.
Source: Bloomberg
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