Asian stocks rose, with the regional benchmark poised for the best quarter in three years as China moved to support economic growth, sending shares higher in the U.S. and Europe and the yen tumbling against the dollar.
The MSCI Asia Pacific Index added 0.6 percent to 147.35 as of 9:01 a.m. in Tokyo, on course for a 6.9 percent quarterly advance, the most since the first three months of 2012. China’s central bank announced measures aimed at stemming a property slump after Governor Zhou Xiaochuan said at the weekend that policy makers can do more to support Asia’s largest economy. The Shanghai Composite Index surged 17 percent this year through yesterday and Japan’s Topix index added 11 percent.
The Topix gained 1.2 percent today after the yen slid 0.8 percent against the dollar on Monday. Australia’s S&P/ASX 200 Index also climbed 1.2 percent and New Zealand’s NZX 50 Index added 0.2 percent. South Korea’s Kospi index rose 0.7 percent.
Futures on the FTSE China A50 Index climbed 1.5 percent in the most recent session. Mainland stock gains this year have been fueled by expectations of central-bank policy easing, optimism the government won’t let economic growth fall below this year’s 7 percent target and as authorities reduced curbs on the property market.
Source : Bloomberg