Asian stocks rose, led by materials companies, after oil rebounded and U.S. consumer confidence jumped to an 11-year high.
The MSCI Asia Pacific Index gained 0.6 percent to 138.20 as of 9:01 a.m. in Tokyo, before markets opened in China and Hong Kong. Futures on the Standard & Poor™s 500 Index slid 0.1 percent after the gauge climbed 1.3 percent on Friday as energy shares rallied with Brent crude surging the most in two years. U.S. markets are closed Monday for a holiday.
The MSCI Asia Pacific Index traded at 13.4 times the estimated earnings of its constituent companies as of its close on Friday, when it capped a second week of declines. That compares with 16.6 times for the S&P 500.
Japan™s Topix index gained 0.6 percent. Australia™s S&P/ASX 200 Index rose 1 percent. New Zealand™s NZX 50 Index advanced 0.3 percent. South Korea™s Kospi index added 0.7 percent.
Source : Bloomberg