Asian Equities Higher as ECB Tests Ease Concerns

Asian stocks rose, after the regional benchmark gauge capped its first weekly advance in seven weeks, as a stress test passed by most European banks added to signs of recovery in the region.

The MSCI Asia Pacific Index (MXAP) gained 0.5 percent to 138.22 as of 9:01 a.m. in Tokyo, the highest intraday level since Oct. 10, before markets opened in Hong Kong and China. The gauge last week surged 2.9 percent after U.S. earnings beat estimates and a measure of European manufacturing unexpectedly showed expansion this month.

None of Europe’s largest banks were found lacking in the European Central Bank study. Smaller lenders found to be deficient now have as many as nine months to fill gaps identified by the ECB, which is aiming to close the door on half a decade of financial turmoil in the euro region.

Bloomberg

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