Asian Equities Higher as Metals Rally

Asian stocks rose, as a rebound by Chinese and Hong Kong shares helped the regional benchmark index higher after the biggest slump this month, and metals rallied. Crops extended declines and Australia’s dollar strengthened.

The MSCI Asia Pacific Index rose 0.4 percent by 12:42 p.m. in Tokyo. Japan’s Topix Index (TPX) headed for a fifth advance in six days as the Bank of Japan maintained record stimulus. Standard & Poor’s 500 Index futures were little changed. Copper climbed 0.6 percent after capping the biggest two-day slump since 2010 yesterday in London on a surprise drop in Chinese exports. Corn lost 0.4 percent in a third day of losses. The Aussie advanced the first time in three days versus the dollar.

The Bank of Japan maintained a pledge to expand the monetary base, in line with all but one forecast in a Bloomberg News poll of 34 economists. China’s central bank chief said liberalization of deposit rates will take one to two years after credit-growth data yesterday signaled shadow-banking curbs are having an effect. The U.K. reports industrial production today, while Germany releases trade data. Ukraine began army drills as Russia tightens its grip on Crimea.

Bloomberg

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