Asian stocks rose after U.S. consumer confidence climbed to a six-year high, buoying investor optimism about the outlook for the world’s biggest economy.
The MSCI Asia Pacific Index added 0.6 percent to 135.10 as of 9:28 a.m. in Tokyo, with almost four shares rising for each that fell. Japan’s Topix (TPX) index increased 0.8 percent. Markets in Hong Kong and China are yet to open.
“Early signs are that U.S. growth is back on track with consumer confidence holding up and the market growing more confident that some of the data through the winter was weather-related,” Sean Fenton, who helps oversee about $1 billion as Sydney-based fund manager at Tribeca Investment Partners Ltd., said by phone. “We have seen a stabilization in China recently and there is a good chance we are through the worst.”
South Korea’s Kospi index advanced 0.8 percent. Australia’s S&P/ASX 200 Index climbed 0.9 percent, while New Zealand’s NZX 50 Index rose 0.3 percent.