Asia Stocks Gain Before U.S. Jobs as Crude Remains Below $50By
South Korean shares fluctuate after court ruling ousts Park
Sony paces Japanese exporters’ gains as yen falls a fourth day
Asian stocks gained, rebounding from a two-day drop, as investors bet U.S. nonfarm payrolls data due Friday will confirm the strength of the world’s largest economy and oil prices remained under $50 a barrel.
Seven out of 11 industry gauges in the MSCI Asia Pacific Index rose, led by health-care and consumer discretionary companies. Otsuka Holdings Co. jumped most in two months in Tokyo after the stock was raised to buy from neutral by Bank of America Corp.’s Merrill Lynch unit. South Korean equities gained after a court ruling upheld a motion to impeach President Park Geun-hye, removing her from office.
“Investors seem to be betting on better-than-expected U.S. nonfarm payrolls,” said John Teja, a director at PT Ciptadana Securities in Jakarta. “The drop in the oil price is seen as a positive sentiment for consumer-related companies.”
Oil slid 7.6 percent in the previous four days to under $50 a barrel after a surge in U.S. production wiped out gains over the past three months.
Toyota Motor Corp. rose to a five-week high in Tokyo, leading gains among consumer-discretionary stocks. Sony Corp. reached the highest since July 2015, as Japanese exporters climbed after the yen weakened beyond 115 to the dollar.
- MXAP +0.4% at 4:24 p.m. in Hong Kong
- Japan’s Topix +1.2%, Nikkei +1.5%
- Yen -0.4% to 115.46 per dollar, declining a fourth day
- Otsuka +5%, Sony +3.7%, Toyota Motor +1.3%
- South Korea’s +0.3% after court impeachment ruling
- ASX 200 +0.6%
- Hang Seng Index +0.3%, HSCEI -0.3%, Shanghai Composite -0.1%; China stock bulls turn wary as growth sparks risk of tightening
- Singapore’s Straits Times Index +0.5%, Jakarta Stock Exchange Composite Index -0.5%, Malaysia’s KLCI Index -0.1%, Philippines PSEi Index -2%, Thai’s SET Index -0.5%
- India’s Sensex +0.1%