Asian Stocks Climb to One-Year High as Commodity Producers Gain

Asian stocks climbed, trading at the highest level in a year, after U.S. shares regained records and a rally in crude futures bolstered commodity producers.

The MSCI Asia Pacific Index rose 0.1 percent to 139.98 as of 9:05 a.m. in Tokyo. Japan’s Topix index increased 0.1 percent as the yen fluctuated against the dollar. Asian stocks have climbed 24 percent from their February low as lackluster data on the world’s biggest economies fuels speculation central banks will continue to support them with stimulus and loose monetary policy. The odds the Federal Reserve will raise rates this year remains below 50 percent.

The S&P 500 Index climbed 0.3 percent on Monday, regaining an all-time high and pushing valuations to 18.6 times estimated earnings. That compares with 14.3 times for the MSCI Asia Pacific Index, data compiled by Bloomberg showed.

Source : Bloomberg

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Topix Trades in Tight Range as Volume Sinks; SoftBank Dominates

Japanese shares traded in a tight range amid a lull in activity, as oil companies led gains following a jump in crude prices while so-called defensive stocks dropped.

The Topix slipped less than 0.1 percent to 1,315.94 at the trading break in Tokyo, with volume 36 percent below the 30-day intraday average. The benchmark index traded between gains and losses of as much as 0.2 percent. Its 20-day correlation with the yen slumped to the lowest this year, meaning equities and the currency are moving more independently from each other. The Nikkei 225 was down 0.3 percent, while a measure tracking its volatility sank to near its lowest level since August.

Source : Bloomberg

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