Asian stocks rose, after the regional benchmark gauge capped its first weekly advance in seven weeks, as a stress test passed by most European banks added to signs of recovery in the region.
Asian Stocks Rise as ECB Bank Stress Tests Ease Europe Concerns
The MSCI Asia Pacific Index gained 0.5 percent to 138.22 as of 9:01 a.m. in Tokyo, the highest intraday level since Oct. 10, before markets opened in Hong Kong and China. The gauge last week surged 2.9 percent after U.S. earnings beat estimates and a measure of European manufacturing unexpectedly showed expansion this month.
None of Europe’s largest banks were found lacking in the European Central Bank study. Smaller lenders found to be deficient now have as many as nine months to fill gaps identified by the ECB, which is aiming to close the door on half a decade of financial turmoil in the euro region.
Japan’s Topix index rose 0.6 percent and Australia’s S&P/ASX 200 Index gained 0.5 percent. South Korea’s Kospi index advanced 0.5 percent. Markets in New Zealand are closed for a holiday. Futures on the Standard & Poor’s 500 Index added 0.1 percent after the underlying gauge surged 4.1 percent last week.
About 79 percent of S&P 500 companies that have reported quarterly earnings this season have topped analysts’ estimates for profit, while 61 percent beat sales projections, data compiled by Bloomberg show. Caterpillar Inc. and Yahoo! Inc. surged last week after posting better-than-expected third-quarter revenue.