Asian stocks rose for a third day this week as Federal Reserve concerns over a global economic slowdown spurred bets that U.S. interest rates will remain low.
The MSCI Asia Pacific Index (MXAP) gained 0.5 percent to 138.81 as of 9:02 a.m. in Tokyo, before markets open in Hong Kong and China. Futures on the Standard & Poor’s 500 Index slid 0.1 percent after the underlying gauge yesterday surged the most this year. Slowing global growth and a stronger dollar pose potential risks to the U.S. outlook, Fed policy makers said at their September meeting, according to the minutes released yesterday.
“Minutes of the September Fed meeting acted like a steroid,” said Matthew Sherwood, head of investment markets research at Perpetual Ltd. in Sydney, which manages about $29 billion. They “seemed to suggest that U.S. rates could remain highly accommodative for longer than initially expected if global demand remained weaker than expected.”
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