Asian
stocks fluctuated, following the biggest three-week advance since 2009,
as investors weighed China’s move to cut its economic growth target and
a surge in U.S. hiring that boosted optimism in the outlook for the
world’s largest economy.
The
MSCI Asia Pacific Index was little changed at 126.31 as of 9:07 a.m. in
Tokyo, after swinging between a gain of 0.3 percent and a loss of less
than 0.1 percent. U.S. equities rose on Friday as investors shook off
data showing a decline in wages to focus on a surge in hiring that
bolstered optimism the economy can weather a global slowdown.
Japan’s
Topix index lost 0.7 percent. South Korea’s Kospi index gained 0.4
percent. Australia’s S&P/ASX 200 Index jumped 0.9 percent, while New
Zealand’s S&P/NZX 50 Index slipped 0.1 percent. Markets in China
and Hong Kong have yet to start trading.
Futures
on the Standard & Poor’s 500 Index slipped 0.2 percent. The
underlying benchmark index for U.S. equities gained 0.3 percent on
Friday, led by resources stocks.
Source: Bloomberg
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