Most Asian stocks rose as Japanese equities advanced as investors weighed economic data including inflation. Energy shares led losses after oil prices plunged.
Almost two shares rose for each that fell on the MSCI Asia Pacific Index, which rose less than 0.1 percent to 140.84 as of 9:05 a.m. in Tokyo. The measure is heading for a 0.6 percent weekly advance, paring its monthly decline to 0.7 percent. Japans Topix index climbed 0.8 percent as the yen fell for the first time in four days. U.S. markets were closed yesterday for the Thanksgiving holiday.
The Asia-Pacific measure rebounded 5.3 percent from an Oct. 17 low through yesterday as the Bank of Japan expanded bond purchases, China cut interest rates and speculation grew the European Central Bank will take more stimulus measures. ECB President Mario Draghi said yesterday the bank is open to buying a wide variety of assets for further easing.
Japans consumer price index slowed a third straight month amid tumbling oil prices, challenging the BOJs efforts to stoke inflation. CPI growth excluding food fell in October to 2.9 percent from a year earlier from 3 percent the month before. Retail sales rose 1.4 percent from a year earlier after gaining 2.3 percent in September. The economy slid into recession last quarter after an April sales-tax increase damped consumer spending. Industrial production unexpectedly rose.
Source : Bloomberg