Japanese stocks rose for a second day, with the Topix index set for its first weekly advance in three periods, as the yen held yesterday��s decline and U.S. factory data signaled strength in the world��s largest economy.
The Topix gained 0.6 percent to 1,176.13 as of 9:00 a.m. in Tokyo, bringing this week��s increase to 1.5 percent. All but one of the 33 industry groups climbed. The Nikkei 225 Stock Average added 0.5 percent today to 14,413.59. The yen traded at 101.78 per dollar today after weakening 0.4 percent yesterday.
Futures on the Standard & Poor��s 500 Index were little changed today after the U.S. equities benchmark gained 0.2 percent yesterday.
The Markit Economics preliminary index of U.S. manufacturing increased to 56.2 in May from 55.4 a month earlier, the London-based group said yesterday. Readings above 50 for the purchasing managers�� measure indicate expansion.
Other data showed sales of previously owned U.S. homes rose in April for the first time in four months as the weather warmed, price increases slowed and more properties were put on the market. More Americans than projected filed applications for unemployment benefits last week, showing uneven progress in the labor market.
Monetary easing and government spending drove a world-beating 51 percent jump for Japan��s Topix in 2013. The gauge fell 10 percent this year, the most among 24 developed markets tracked by Bloomberg, amid concern the measures won��t be enough to revive the economy and generate inflation.
The Topix traded at 1.1 times book value yesterday, compared with 2.6 for the S&P 500 and 1.9 for the Stoxx Europe 600 Index yesterday.
Source : Bloomberg