Asia Stocks Rise on Waning Europe Woes

Rabu, 03 April 2013 | 09:30

Asian stocks rose for the first time in three days as concern about Europe’s debt crisis eased and better-than-estimated U.S. factory orders added to optimism the world’s largest economy is growing. Canon Inc, the camera maker that gets about 80 percent of sales outside Japan, gained 1.1%. Fast Retailing Co surged 7.2% as sales at Uniqlo Japan outlets of Asia’s largest apparel retailer soared 23%. Alacer Gold Corp. dropped 5.6% in Sydney as the price of the precious metal retreated.


The MSCI Asia Pacific Index gained 0.2% to 134.01 as of 9:23 a.m. in Tokyo. The measure has climbed for the past five months as Japanese shares gained on speculation the nation will deploy more stimulus and amid signs the U.S. economy is recovering. Markets in China and Hong Kong are yet to open.


“The U.S. economy does look better and the problems in Europe look a little less scary,” said Shane Oliver, Sydney- based head of investment strategy at AMP Capital Investors Ltd.


Japan’s Nikkei 225 Stock Average advanced 1.4% as a two-day Bank of Japan policy meeting begins, the first under the leadership of Haruhiko Kuroda as governor.


Australia’s S&P/ASX 200 Index and New Zealand’s NZX 50 Index both gained 0.2%, while South Korea’s Kospi Index slipped 0.1%. (Bloomberg/tw)

by Newswire