Asian Stocks Advance on U.S. Economy Optimism, China Stimulus

Asian stocks rose for a third day after data on U.S. retail sales bolstered confidence in the strength of the world biggest economy. Chinese shares rallied on speculation policy makers will boost stimulus.

China Overseas Land & Investment Ltd. climbed 3.6 percent in Hong Kong, pacing gains among Chinese developers. China Life Insurance Co. and Ping An Insurance (Group) Co. rose at least 2.3 percent after the nation biggest insurers reported higher premium income. Noble Group Ltd. declined 4.3 percent in Singapore as Standard & Poor’s revised the company’s credit rating outlook to negative, citing the commodity trader increased earnings volatility.

The MSCI Asia Pacific Index gained 0.2 percent to 147.90 as of 4:02 p.m. in Hong Kong. The gauge has lost less than 0.1 percent this week. The Standard & Poor 500 Index climbed 0.2 percent as sales at U.S. retailers picked up in May and applications for unemployment benefits remained below 300,000 for a 14th straight week. The International Monetary Fund said its team negotiating with Greece left Brussels after failing to make progress on a debt deal.

European Union President Donald Tusk told Greece Alexis Tsipras to stop maneuvering and decide whether to accept the conditions on financial aid. Tusk abandoned his neutral position as a broker of EU compromises to signal Greece’s creditors are preparing to hand Tsipras an ultimatum.

Source : Bloomberg


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