Asian Equities Higher on U.S. Confidence

Asian stocks rose after U.S. data on durable goods and consumer confidence boosted optimism in the strength of the world’s largest economy.

Boral Ltd. (BLD) surged 4.5 percent as profit at the Australian producer of building materials topped estimates. Kawasaki Kisen Kaisha Ltd., Japan’s third-biggest shipper, rose 3.7 percent on a report it will target a return on equity of 10 percent in five years. Flight Centre Travel Group Ltd. sank 1.9 percent in Sydney after reporting profit in line with its target.

The MSCI Asia Pacific Index (MXAP) gained 0.2 percent to 148.70 as of 10:41 a.m. in Hong Kong, with the gauge trading within 1 percent of a six-year high. More than $1.1 trillion has been added to the value of the world’s equities this month, with global shares now worth a record $66 trillion. Orders for U.S. durable goods jumped in July by the most on record, while American consumer confidence reached the highest level in almost seven years.

Bloomberg

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