Asian
stocks rose for a fifth day, following gains in U.S. equities, amid
speculation that global central bank policy will remain accommodative to
counteract weak economic growth.
The
MSCI Asia Pacific Index climbed 0.8 percent to 128.88 as of 9 a.m. in
Tokyo, extending its five-day gain to 6.4 percent. Futures traders see
only a 10 percent chance the Federal Reserve will raise interest rates
at its Oct. 27-28 meeting following weaker-than-expected employment
growth, while 17 of 36 economists surveyed by Bloomberg expect
additional easing from the Bank of Japan by the end of the month.
Japan’s
Topix index rose 1.4 percent after the yen weakened 0.5 percent on
Monday. Prime Minister Shinzo Abe’s efforts to push through structural
changes to recharge Japan’s economy got a boost as negotiators reached a
deal on a Pacific trade pact that would create the world’s biggest
regional trade zone. The Trans-Pacific Partnership still needs to be
ratified by lawmakers in the 12 member nations.
Australia’s
S&P/ASX 200 Index gained 1.2 percent and New Zealand’s NZX 50 Index
climbed 0.8 percent. South Korea’s Kospi index rose 1 percent. Mainland
Chinese markets remain closed for a holiday, while Hong Kong is yet to
open. Futures on the Hang Seng Index gained 1.2 percent.
Source : Bloomberg
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