Asian Stocks Rise After Posting Biggest Daily Drop in Five Weeks

Asian stocks rebounded after the worst decline in five weeks as Japanese shares climbed and material companies led gains on the regional benchmark gauge.

The MSCI Asia Pacific Index rose 0.3 percent to 134.64 as of 9:02 a.m. in Tokyo after falling the most since June 24 on Wednesday. The measure is shaping up for its worst week since mid-June as Japanese shares slumped after additional stimulus failed to impress investors. Commodity producers and technology companies led gains on the regional gauge as nine of 10 industry groups advanced. The Bank of England is set to cut rates to a record later Thursday, according to almost all economists in a Bloomberg survey.

Asian equities have been retreating after their best month since March, as the yen gains and concerns grow that Prime Minister Shinzo Abe’s economic program isn’t working. Oil descended into a bear market and weak economic data is testing confidence in a global recovery. U.S. jobs data Friday will provide further clues on when the Federal Reserve will increase interest rates.

Source: Bloomberg

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