Asian stocks swung between gains and losses after the biggest rally in three weeks, as investors await data on Chinese industrial production. Health care and telecommunication shares led declines and energy companies rose.
The MSCI Asia Pacific Index was little changed at 140.53 at 9:25 a.m. in Tokyo, having lost 0.1 percent and risen as much as 0.1 percent. The gauge jumped 0.8 percent yesterday, the most since Nov. 18. Markets are yet to open in China and Hong Kong. Growth in Chinese industrial production probably held above 10 percent for a fourth month in November, according to economists surveyed before a report due today. Thai markets are closed for a holiday with the prime minister ordering new elections amid political unrest.
“Don’t let the bumps in the road force you out of your equities positions,” Michael Shaoul, chief executive officer of Marketfield Asset Management LLC, which oversees about $17 billion, told Bloomberg TV. “Between now and the end of the bull market there’s a lot of upside. You need to avoid the temptation to be panicked if we have a difficult period. This is a time when you want to remain patient with equities.”
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