Japanese stocks rose for the first time in four days after signs of stability in Chinese markets triggered a rebound in global equities as investors await a Federal Reserve update on U.S. monetary policy.
The Topix index climbed 0.5 percent to 1,637.23 as of 9:01 a.m. in Tokyo, with all but four of its 33 industry groups rising. The Nikkei 225 Stock Average added 0.4 percent to 20,408.54. The MSCI All Country World Index snapped a five-day losing streak on Tuesday.
Futures on the Standard & Poor’s 500 Index rose less than 0.1 percent. The underlying U.S. measure increased 1.2 percent on Tuesday after the Shanghai Composite Index pared losses of as much as 5.1 percent to close 1.7 percent lower. Strong earnings from Pfizer Inc. to Ford Motor Co. also pushed U.S. shares higher. Strength in equity markets helped crude oil rebound from a four-month low.
The Topix traded at 15.6 times estimated earnings on Tuesday, compared with a multiple of 17.7 for the S&P 500.
Japanese retail sales fell 0.8 percent in June from May, less than economists’ forecasts for a 0.9 percent drop, a government report showed Wednesday.