Asian Stocks Climb to Eight-Week High as Finance Shares Advance

Asian stocks followed U.S. shares higher, with the regional benchmark index heading for an eight-week high, as financial companies led gains.

Industrial & Commercial Bank of China Ltd. rose 0.8 percent in Hong Kong, pacing gains among Chinese lenders, as data showed the nation’s broadest measure of new credit exceeded estimates. AIA Group Ltd., the third most valuable Asia-based insurer, climbed 3.4 percent in Hong Kong after its quarterly new business value beat analyst estimates. Fortescue Metals Group Ltd. jumped 4.8 percent in Sydney after Australia’s third-largest iron ore producer vowed to reward shareholders with dividends even while it seeks to trim debt and rivals slash payouts.

The MSCI Asia Pacific Index added 0.4 percent to 134.51 at 4:02 p.m. Hong Kong time. The measure has climbed 0.9 percent this wee, poised for a third weekly advance. Global equities resumed their October rebound, with U.S. stocks rising to an eight-week high amid strong bank earnings and mounting speculation the Federal Reserve will put off raising interest rates until 2016. Investors don’t see better-than-even odds of rates increasing until March next year, with a 30 percent chance of liftoff by December.

Source : Bloomberg

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Asian Stocks Track U.S. Gains as Tech, Finance Shares Advance

Asian stocks followed U.S. shares higher, with the regional benchmark index heading for a third straight weekly advance, as technology and financial companies led gains.

The MSCI Asia Pacific Index added 0.4 percent to 134.53 as of 9:01 a.m. in Tokyo. The measure is heading for a 0.9 percent increase this week. Global equities resumed their October rebound, with U.S. stocks rising to an eight-week high amid bank earnings and mounting speculation the Federal Reserve will put off raising interest rates until 2016. Investors don’t see better-than-even odds of rates increasing until March next year, with a 30 percent chance of liftoff by December.

Japan’s Topix index climbed 0.8 percent. South Korea’s Kospi index added 0.2 percent. New Zealand’s S&P/NZX 50 Index rose 0.6 percent. Australia’s S&P/ASX 200 Index gained 1.1 percent. Markets in China and Hong Kong have yet to start trading.

The Shanghai Composite Index rose 2.3 percent to the highest close since Aug. 21 on Thursday as a government move to reorganize the telecom industry raised speculation policy makers will accelerate reforms of state-owned companies to stem slowing economic growth. FTSE China A50 Index futures climbed 1.2 percent in most recent trading, while contracts on the Hang Seng China Enterprises Index slipped 0.1 percent in Hong Kong.

Source: Bloomberg

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