Asia Stocks Head for Best Week Since July Tracking U.S. Advance

(Bloomberg) -- Asian shares climbed for a fourth day to cap their best week since July, after U.S. equities rose to another record amid strong private-payroll numbers. Traders are waiting for a slew of economic data from China and India due next week.

The MSCI Asia Pacific Index advanced 0.5 percent to 179.03 as of 4:39 p.m. in Hong Kong, heading for a new high and bringing its weekly gain to 3 percent. Japan's Topix advanced 0.9 percent with steelmakers and metal producers leading gains. South Korea's Kospi added 1.3 percent, while Hong Kong's Hang Seng Index rose 0.3 percent, climbing for nine days.

Asia's strong momentum will face macro and geopolitical tests next week as investors gauge numbers on China's trade, inflation and foreign reserves, as well as India's inflation and factory output. South and North Korean officials are scheduled to meet for their first talks in three years.

“Market sentiment remains strong with positive economic data and consecutive U.S. rallies,” said Ronald Wan, chief executive at Partners Capital International Ltd. in Hong Kong. “And China starts the year with better-than-expected liquidity supported by the central bank.”

Material and health care sub-gauges of the Asian benchmark each gained at least 0.7 percent among the best performing sectors. Fortescue Metals Group Ltd. jumped 3.5 percent in Australia to a three-month high, while Sapura Energy Bhd surged 14 percent in Malaysia for its record rally on a closing basis. Tsingtao Brewery Co. soared as much as 23 percent in Hong Kong following a report on beer-price hikes.

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