Asian
stocks extended the rally that sent global equities to their biggest
gain in 3 1/2 years as Japanese shares and materials companies climbed.
The
MSCI Asia Pacific Index added 0.5 percent to 119.07 as of 9:02 a.m. in
Tokyo, with materials and health-care shares leading the advance.
Japan’s Topix index climbed 1.1 percent as markets across the region
extended gains that began after European Central Bank President Mario
Draghi signaled it may boost economic support. Bank of Japan Governor
Haruhiko Kuroda, who decides on policy on Jan. 29, played down the
impact of recent market gyrations on his economy, while traders are
predicting the Federal Reserve will hold interest rates when it also
meets this week.
A
measure of volatility on the MSCI Pacific Gauge climbed to the highest
since September last week, while the Shanghai Composite Index swung
between gains and losses every trading day. Japan’s Topix surged 5.6
percent on Friday after losing 6.4 percent the previous two days.
The
MSCI Asia Pacific Index is still down 9.7 percent this year, while the
Shanghai Composite Index has tumbled 18 percent as investors retreat
from riskier assets on concerns about China’s economic slowdown and a
rout in oil and other commodities.
South
Korea’s Kospi index added 0.4 percent on Monday. New Zealand’s
benchmark gauge rose 0.7 percent and Australia’s S&P/ASX 200 Index
increased 1.1 percent. Markets in China and Hong Kong have yet to start
trading. Futures on the Hang Seng and Hang Seng China Enterprises
indexes gained 1.3 percent in most recent trading, while contracts on
the FTSE China A50 Index futures rose 1.2 percent.
Chinese
stocks rallied on Friday as energy producers surged on higher oil
prices and after the government signaled it will curb overcapacity in
industries such as coal that have been dragging down economic growth.
The Shanghai Composite Index rose 1.3 percent, while the Hang Seng China
Enterprises Index climbed 3.4 percent.
Futures
on the Standard & Poor’s 500 Index slid 0.1 percent on Monday. The
U.S. equity benchmark index advanced 2 percent Friday, the most since
Dec. 4, while the MSCI All-Country World Index posted its best day since
June 2012.
Energy shares advanced in Asia as oil fluctuated near $32 a barrel following the biggest two-day rally in more than seven years.
Source: Bloomberg
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