Asian Stocks Rise for Fourth Day as U.S. Jobs Report Eases Growth Concerns
Asian Stocks Rise as U.S. Jobs Report Eases Growth Concerns
Tomohiro Ohsumi/Bloomberg
The MSCI Asia Pacific Index gained 0.3 percent to 120.37 as of 9:40 a.m. in Tokyo, taking its four-day advance to 3.3 percent.
The MSCI Asia Pacific Index gained 0.3 percent to 120.37 as of 9:40 a.m. in Tokyo, taking its four-day advance to 3.3 percent. Photographer: Tomohiro Ohsumi/Bloomberg
Sept. 6 (Bloomberg) -- Rhett Kessler, who helps manage about $1 billion at Pengana Capital Ltd. in Sydney, talks about his investment strategy for Australian stocks. Kessler also discusses the outlook for Reserve Bank of Australia monetary policy and the U.S. economy. He speaks with Susan Li on Bloomberg Television. (Source: Bloomberg)
Asian stocks rose, driving the MSCI Asia Pacific Index higher for the fourth consecutive day, as better-than-estimated jobs data in the U.S. eased concern that global economic growth is faltering.
Samsung Electronics Co., which gets a fifth of its sales in America, gained 1.3 percent in Seoul. Canon Inc., a camera maker that gets 28 percent of its revenue in the Americas, increased 0.9 percent in Tokyo. BHP Billiton Ltd., the world’s largest mining company, advanced 1.1 percent on speculation economic growth will bolster metals demand.
“The market will react to the jobs report positively because earlier forecasts were negative,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “I see risk-taking movements. Money is flowing into stocks and commodities from bonds.”
The MSCI Asia Pacific Index gained 0.3 percent to 120.37 as of 9:40 a.m. in Tokyo, taking its four-day advance to 3.3 percent. Japan’s Nikkei 225 Stock Average climbed 0.8 percent, while Australia’s S&P/ASX 200 Index gained 0.2 percent.
New Zealand’s NZX 50 Index increased 0.7 percent, led by building-related companies on speculation work tied to the clean-up of an earthquake in Christchurch will boost profits.
Futures on the Standard & Poor’s 500 Index gained 0.1 percent. The gauge rose 1.3 percent on Sept. 3 after a government report showed private payrolls climbed by 67,000 in August, more than the median forecast for an increase of 40,000 in a Bloomberg economist survey.
To contact the reporters for this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.
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