Asian Equities Climbing Higher Despite US Disappointment

Asian stocks rose for a second day as Japanese shares advanced and the yen fell against major peers. Silver climbed.

The MSCI Asia Pacific Index added 0.2 percent by 9:15 a.m. in Tokyo, as Japan’s Topix Index (TPX) gained 0.4 percent and Australia’s S&P/ASX 200 Index snapped three days of losses. Standard & Poor’s 500 Index futures rose 0.2 percent after the gauge slipped a third time in four days in New York. The yen fell against its 16 major trading partners, losing 0.1 percent against the dollar. The Australian dollar added 0.2 percent, while South Korea’s won strengthened 0.3 percent. Silver gained for a fifth day.

About $3 trillion has been erased from equities worldwide this year amid a selloff in emerging-market currencies as China’s economy slows and the Federal Reserve cuts stimulus. The improving U.S. economy may warrant faster tapering of quantitative easing, Philadelphia Fed President Charles Plosser said yesterday. Taiwan will release data on inflation and foreign reserves today, while reports on Australian retail sales and business confidence are also due. Sony Corp. will report earnings after the close of markets in Tokyo.

Bloomberg

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