Asia Stocks Rally On IMF’s Economic Outlook Upgrade

Asian stocks gained after data showed faster-than-estimated economic growth in the U.S. and the International Monetary Fund said it’s raising its outlook for the world’s largest economy.

Hyundai Merchant Marine Co., Korea’s second-largest shipping company, surged 15 percent in Seoul after Hyundai Group said it plans to sell assets including financial units and its hotel business for at least 3.3 trillion won ($3.1 billion). Echo Entertainment Group Ltd. (EGP) advanced 3.7 percent in Sydney after a managing director of its Star casino resigned. Newcrest Mining Ltd. fell 3.2 in Sydney percent after reporting that shareholder class action proceedings may be initiated about the gold producer’s disclosure practices.

The MSCI Asia Pacific excluding Japan Index climbed 0.3 percent to 460.90 as of 8:33 a.m. in Hong Kong, before markets opened in China and Hong Kong. Japanese markets are closed for a holiday.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu