Asian stocks rose for a third day, after U.S. equities climbed toward records, as Japanese shares gained on a weaker yen and investors awaited a private report on Chinese manufacturing.
The MSCI Asia Pacific Index added 0.2 percent to 154.99 as of 9:02 a.m. in Tokyo. Japan’s Topix index increased 0.7 percent after the Standard & Poor’s 500 Index rose 0.5 percent Wednesday. Economists forecast the preliminary HSBC Holdings Plc/Markit Economics manufacturing purchasing managers’ index for China will come in at 49.6 for April, matching March’s reading. Futures on the Hang Seng China Enterprises Index and Hang Seng Index climbed at least 0.7 percent.
The Hang Seng China Enterprises Index trades at 10.3 times estimated earnings and the Hang Seng Index has a multiple of 13.4. That compares with 14.7 on the MSCI Asia Pacific Index and 17.9 on the Standard & Poor’s 500 Index.