Asian Stocks Up

Asian stocks rose a fourth day and bond risk in the region fell as U.S. lawmakers continued talks on raising the nation’s debt limit to avoid a default. Industrial metals climbed with emerging-market currencies.

The MSCI Asia Pacific Index added 1.3 percent by 11:17 a.m. in Tokyo, set for the longest rally in a month, as Japan’s Topix jumped 1.6 percent. Standard & Poor’s 500 Index futures climbed 0.1 percent. The cost of insuring Asia-Pacific bonds from non-payment declined to the lowest in about three weeks. The South Korean won and Malaysian ringgit gained for a second day. Copper climbed 0.4 percent as zinc and nickel rose at least 0.5 percent. Crude fell 0.2 percent after rallying yesterday.

The S&P 500 index jumped the most since Jan. 2 and Treasury bill rates dropped yesterday on optimism an agreement will be reached to raise the U.S. debt ceiling before an Oct. 17 deadline. Talks between Republican lawmakers and President Barack Obama will continue as they try to seek a “path forward,” according to Republican House Majority Leader Eric Cantor. The White House said “no specific determination was made” during an initial 90-minute meeting in Washington.

Bloomberg

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