Asian Equities Extend Six Year High

Asian stocks rose for a fourth day, with the regional benchmark index extending a six-year high, before the Federal Reserve updates markets on monetary policy today and as the U.S. and European Union strengthened sanctions against Russia.

Honda Motor Co. climbed 3.3 percent in Tokyo after the carmaker raised its profit forecast to the highest in seven years. Oversea-Chinese Banking Corp. gained 1.5 percent after saying it now owns 97.5 percent of Wing Hang Bank Ltd., allowing the Singapore lender to take its Hong Kong target private. Hyundai Heavy Industries Co. tumbled 8 percent after South Korea’s biggest shipbuilder reported a wider-than-expected second-quarter loss.

The MSCI Asia Pacific Index added 0.3 percent to 149.92 as of 9:53 a.m. in Hong Kong, with eight of its 10 industry groups rising. The gauge climbed 2.6 percent this month through yesterday, when it closed at the highest level since June 2008, as a gauge of Chinese manufacturing added to signs Asia’s biggest economy is stabilizing and earnings at companies including Nissan Motor Co. and Fanuc Corp. beat estimates.

Bloomberg

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