Asian Stocks Rise as U.S. Jobs, Metal Gains Bolster Outlook
(Bloomberg) -- Asian equities rose on Monday, with the benchmark gauge trading close to a 10-year high touched last week, after stronger-than-expected U.S. hiring data and rising metal prices boosted confidence in the global economic outlook.
The MSCI Asia Pacific Index advanced 0.4 percent to 161.12 as of 4:04 p.m. in Hong Kong as materials and technology stocks led gains. Steel futures rose by a daily limit in Shanghai and iron jumped as investors reckoned looming output curbs in the top producer's main hub will further tighten a squeeze on supply.
"Just as the optimism appeared to be waning, markets have once again been jostled up by the positive jobs data in U.S.," said Jingyi Pan, a market strategist at IG Asia Pte in Singapore.
Japan's Topix index closed at the highest level in almost two years as the yen weakened. Toyota Motor Corp., Asia's largest automaker, jumped 2 percent after raising its full-year profit forecast. Hong Kong stocks extended gains into a fifth week.
Summary
- Topix +0.5%, Nikkei 225 +0.5%
- Premature to Warn of Risk of GPIF Equity Sell-Off: Citi's Iizuka
- Japan Stocks Get U.S. Jobs Boost But One Analyst Not Celebrating
- Hang Seng Index +0.5%, Hang Seng China Enterprises Index +0.5%
- Hong Kong Stocks Extend Gains Into Fifth Week as Mood Brightens
- Hang Seng Driver Tencent Sees Volatility Jump 51 Percent: Chart
- Kospi +0.1%, Kospi 200 Index +0.2%
- North Korea Risk Could Be Eased With New UN Sanctions: HI
- Shanghai Composite Index +0.5%, Taiwan's Taiex Index +0.7%
- Australia's S&P/ASX 200 Index +0.9%, New Zealand's NZX 50 +0.3%
- Straits Times Index -0.2%, FTSE Bursa Malaysia KLCI Index +0.2%, Philippine Stock Exchange PSEi Index +0.8%, Vietnam's VN Index +0.6%
- From Worst to Best: Chinese Shipbuilder's Fortunes Turn Around
- Vietnam's Success Comes With a Price: Cheap Financing Is Over
- Jakarta Composite Index -0.5%
- Indonesia Economy Grows Less Than Expected on Spending Curbs
- Jakarta Composite Reverses Gain as Consumers Retreat After GDP
- India's Nifty Index +0.1%, Sensex Index little changed
- All Three Investor Types Buy More Indian Stocks: Morgan Stanley
- Sensex Fluctuates After Fifth Weekly Gain; Metals Advance
To contact the reporter on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Margo Towie, Jonathan Annells
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