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Bloomberg
Asian stocks extended gains to an 11-week high as metal producers surged. Japanese equities rose as the yen halted its advance against the greenback ahead of US President-elect Donald Trump’s first press conference since July.
The MSCI Asia Pacific Index rose for a third day, adding 0.4 percent as of 4:57 p.m. in Hong Kong and set for its highest close since Oct. 26. Nine of 11 industry gauges advanced, led by a 1.9% surge in the measure for metal stocks.
“People have over-estimated the negative impact Trump would have on Asian companies,†Jeffrosenberg Tan, a director at Sinarmas Sekuritas, wrote in a text message. “Chinese data also provided some confidence.â€
China’s producer prices rose at the fastest pace in more than five years in December, data released yesterday showed, signaling a shift from the country being a drag on global inflation to potentially pushing prices higher via its supply chains. Posco, Aluminum Corp of China and India’s Hindalco Industries Ltd. led the rally among metal producers. South Korea’s Kospi index rose most in Asia.
Summary
Nikkei 225 Index +0.3%, Topix +0.5% in Tokyo Hang Seng Index +0.8%; Hang Seng China Enterprise Index +0.7% New Zealand’s S&P/NZX 50 Index +0.5%; Australia’s S&P/ASX 200 Index +0.2%; South Korea’s Kospi index +1.5%; Taiwan’s Taiex index little changed Philippine Stock Exchange Index -0.6%; FTSE Bursa Malaysia KLCI Index +0.1%; Straits Times Index -0.2%, Thailand’s SET index +0.4%, India’s Sensex index +0.8%
For more Asia stock market news: Bull Market Masks Australia’s Year of 20%-Plus Stock Swings Death Cross a Whisker Away for Emerging Market Stocks: Chart Japanese Stocks Rise as Yen Halts Advance Ahead of Trump Speech