TOKYO: Asian stocks climbed, tracking a surged in U.S. stocks , as energy shares led gains after oil rebounded to a one-month high.
The MSCI Asia Pacific Index rose 0.2 percent to 140.62 as of 9:00 a.m. in Tokyo. Crude gained on speculation investors bought contracts to close out bearish bets amid a falling rig count. Shares in Australia climbed before the central bank reviews its benchmark interest rate. While most economists predict the Reserve Bank of Australia will leave borrowing costs at a record-low 2.5 percent, rate-swap traders see 63 percent odds of a cut amid a wave of global monetary easing.
“Either way you’ll get some market reaction,” Steven Milch, chief economist at Suncorp Wealth Management in Sydney, said by phone. “While the market isn’t fully priced for a cut, the bigger surprise would be no move as we’ve seen very significant falls in Australian bond yields.”
Japan’s Topix index added 0.4 percent. Australia’s S&P/ASX 200 Index increased 0.6 percent. New Zealand’s NZX 50 Index advanced 0.2 percent. South Korea’s Kospi index rose 0.3 percent. Markets in China and Hong Kong have yet to open.
China’s Shanghai Composite Index slipped 2.6 percent yesterday, declining for a fifth day, after manufacturing gauges signaled contraction and China Minsheng Banking Corp.’s President Mao Xiaofeng resigned following reports he’s being investigated by authorities.
Futures on the Standard & Poor’s 500 Index slid 0.1 percent today. The U.S. equity benchmark index climbed 1.3 percent yesterday as energy shares rallied after crude rebounded from an almost six-year low reached last week.
