Friday 29 Mar 2024
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TOKYO (Oct 24): Asian stocks rose, with the regional benchmark index extending its first weekly gain in seven weeks, after U.S. earnings beat estimates and data signaled stronger European growth.

The MSCI Asia Pacific Index advanced 0.5 percent to 137.72 as of 9:01 a.m. in Tokyo. The measure is heading for a 3 percent weekly advance after entering a correction last week.

“We are getting good earnings data out of the U.S.,” said Tim Schroeders, a portfolio manager who helps oversee $1 billion in equities at Pengana Capital Ltd. in Melbourne. “The market seems to be moving from one data point to the next data point without conviction and there’s a lot of volatility.”

Japan’s Topix index rose 1.3 percent, set for the steepest weekly gain since April 2013, after the yen slumped 1 percent yesterday against the dollar. South Korea’s Kospi index and Australia’s S&P/ASX 200 Index added 0.6 percent, while New Zealand’s NZX 50 Index advanced 0.9 percent. Markets in China and Hong Kong are yet to open.

Futures on the Standard & Poor’s 500 Index were little changed today. The measure rose 1.2 percent yesterday after results from Caterpillar Inc. to 3M Co. exceeded analysts’ estimates.

Caterpillar, the largest construction equipment maker, added 5 percent after raising its full-year earnings forecast amid higher sales of construction machinery in North America. 3M climbed 4.4 percent as the maker of Post-it notes boosted sales in all of its businesses.

Europe Growth

Economic data yesterday suggested the euro-area economy may have moved one step away from another recession. A Purchasing Managers’ Index showed manufacturing in the region unexpectedly grew this month, and Spain’s third-quarter unemployment dropped to the lowest level since 2011. In Germany, factories rebounded from a slump in September.

Fewer Americans filed applications for unemployment benefits over the past month than at any time in 14 years as an improving economy prompted employers to hold on to staff, another report showed.

Futures on Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index both added 0.3 percent in their most recent trading session. The Bloomberg China-US Index of Chinese stocks traded in the U.S. climbed 0.5 percent yesterday.

 

 

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