Asian stocks rose, with consumer shares leading gains, as investors awaited a Bank of Japan policy decision Tuesday ahead of the Federal Reserve’s meeting later this week.
The MSCI Asia Pacific Index advanced 0.2 percent to 127.53 as of 9:03 a.m. in Tokyo. Two of 35 economists expect extra monetary stimulus from Japan’s central bank, while traders put odds of the Fed raising borrowing costs at its Sept. 16-17 meeting at 28 percent.
Japan’s Topix index traded little changed. The BOJ will expand easing on Oct. 30, according to 11 economists in the Bloomberg survey taken from Sept. 7-10. Of the total respondents, 13 said they don’t expect any stimulus at all.
Australia’s S&P/ASX 200 Index climbed 0.1 percent. Former Cabinet minister Malcolm Turnbull, 60, became the nation’s prime minister late Monday after ousting Tony Abbott, 57, for the Liberal Party leadership. With an election due by next year the former Goldman Sachs Group Inc. executive must turn around the government’s poor ratings.
South Korea’s Kospi index was little changed and New Zealand’s NZX 50 Index rose 0.2 percent. Stocks in China and Hong Kong have yet to start trading, with futures on the Hang Seng Index sliding 0.6 percent.
The Shanghai Composite Index fell 2.7 percent on Monday, its steepest drop in almost three weeks, after data over the weekend added to concern China’s economic slowdown is deepening and as traders gauged the level of state support for equities.
E-mini futures on the Standard & Poor’s 500 Index were little changed. The underlying U.S. equity benchmark measure slid 0.4 percent on Monday.
Source : Bloomberg