Asia Stocks Rally On IMF’s Economic Outlook Upgrade

Asian stocks gained after data showed faster-than-estimated economic growth in the U.S. and the International Monetary Fund said it’s raising its outlook for the world’s largest economy.

Hyundai Merchant Marine Co., Korea’s second-largest shipping company, surged 15 percent in Seoul after Hyundai Group said it plans to sell assets including financial units and its hotel business for at least 3.3 trillion won ($3.1 billion). Echo Entertainment Group Ltd. (EGP) advanced 3.7 percent in Sydney after a managing director of its Star casino resigned. Newcrest Mining Ltd. fell 3.2 in Sydney percent after reporting that shareholder class action proceedings may be initiated about the gold producer’s disclosure practices.

The MSCI Asia Pacific excluding Japan Index climbed 0.3 percent to 460.90 as of 8:33 a.m. in Hong Kong, before markets opened in China and Hong Kong. Japanese markets are closed for a holiday.

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.