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Asian Stocks Higher after Weaker U.S. Housing Data

Asian stocks rose for a second day after a slump in U.S. home sales eased speculation the Federal Reserve will reduce economic stimulus next month.

Belle International Holdings Ltd., a retailer of woman’s footwear, advanced 7.5 percent in Hong Kong after reporting first half-net income. Newcrest Mining Ltd. jumped 7 percent, leading a surge in Australian gold producers after the price of the precious metal rose above $1,400 an ounce last week. Tokyo Electric Power Co. slumped 7.3 percent in Tokyo after eight tons of filtered water leaked at its crippled Fukushima Dai-Ichi nuclear power plant.

The MSCI Asia Pacific Index advanced 0.2 percent to 131.70 as of 11:23 a.m. in Tokyo, with nine of the 10 industry groups on the gauge rising.

Bloomberg [1]

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