Asian stocks rose, paring the benchmark equity gauge’s biggest weekly decline in two months, after reports from Europe to the U.S. boosted confidence in the economic recovery and the yen weakened against the dollar.
The MSCI Asia Pacific Index advanced 1%. This week the measure to dropped 2.6% amid concern emerging-market economies are slowing and that the Federal Reserve will reduce its stimulus program.
Japan’s Topix index surged 2%. Australia’s S&P/ASX 200 Index jumped 1% and South Korea’s Kospi index advanced 1.1%. Singapore’s Straits Times Index was little changed and Taiwan’s Taiex index increased 0.8%. Hong Kong’s Hang Seng Index slid 0.1%. New Zealand’s NZX 50 Index lost 0.1%.
The Shanghai Composite Index sank 1.1% as China’s benchmark money-market rate headed for its biggest weekly gain in a month on concern cash supply will tighten as banks cover month-end obligations.
Stocks extended gains after European Central Bank Governing Council Member Ewald Nowotny said a recent “stream of good news” from the euro-area economy has removed any need to cut interest rates from an already record low.
Asian largest carmaker Toyota Motor Corp, which gets about 75% of its sales outside Japan, climbed 2.8% as the yen touched the lowest level in nearly three weeks against the dollar.
Henderson Land Development Co. advanced 2.2% in Hong Kong after the homebuilder controlled by billionaire Lee Shau-kee posted higher sales.
Amada Co., a Japanese maker of metal-cutting machines, jumped 5.3% after a report that its operating profit will rise by 150%.
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