Asian Stocks Ex-Japan Gain as Resources Advance on Oil Rally

Asian stocks outside Japan climbed, with the regional gauge heading for the highest close this year, as raw-material shares rallied after crude oil futures gained above $ 36 per barrel. Tokyo shares slipped after capping their best three weeks since 2014.

The MSCI Asia Pacific Excluding Japan Index rose 0.3 percent to 400.36 as of 5:15 p.m. in Tokyo. The benchmark index that includes Japan swung between gains and losses as investors weighed China’s move to cut its economic growth target and a surge in U.S. hiring that boosted optimism in the outlook for the world’s largest economy.

The Shanghai Composite Index gained 0.8 percent, after last week posting its biggest weekly rally since December. The measure is still down 18 percent this year on concern a weaker yuan will spur capital outflows and slowing economic growth will hurt earnings. The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong climbed 0.8 percent, while the city’s benchmark Hang Seng Index dropping 0.1 percent.

Source : Bloomberg