Asian Stocks Advance before Fed Meeting

Asian stocks rose, with the benchmark index heading for a second monthly gain, and the Australian dollar strengthened. The ringgit climbed to a four-month high after Malaysia unveiled its 2014 budget.

The MSCI Asia Pacific Index advanced 0.7 percent at 11:28 a.m. in Tokyo. Standard & Poor’s 500 Index futures added 0.4 percent after the gauge climbed to a record. Australia’s S&P/ASX 200 Index rose 1.2 percent to the highest level since June 2008 as the nation’s currency gained 0.3 percent versus the greenback. The ringgit strengthened 0.7 percent.

The Federal Reserve will maintain record stimulus at a two-day policy meeting that begins tomorrow, according to a Bloomberg poll. The U.S. will report industrial output today, after an Oct. 25 report showed consumer sentiment in the world’s biggest economy fell to a 10-month low. Consumer confidence in South Korea rose this month to the highest since May 2012, according to a central bank survey.

Bloomberg

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