Asian Stocks Higher Led By S&P 500 Record High

Asian stocks climbed, with Japanese and South Korean indexes rising for the second time in four days, while the won led gains in emerging-market currencies. Oil resumed declines as gold held near an almost four-month high.

The MSCI Asia Pacific Index (SPGSCI) added 0.4 percent by 9:41 a.m. in Tokyo as Japan’s Topix Index gained 0.8 percent and the Kospi Index in Seoul rose 0.6 percent. Standard & Poor’s 500 Index (SPX) futures were little changed after the index touched an intraday record. The Korean won strengthened 0.4 percent after touching a 2 1/2-week low yesterday, while Malaysia’s ringgit climbed a third day. Oil fell for the third time in four days. Gold was steady after reaching the highest price since October yesterday.

The Philippines and Hong Kong report trade data today, while Germany is expected to confirm economic growth accelerated in the fourth quarter as imports and exports expanded. In the U.S., housing reports are due along with the Conference’s Board’s consumer confidence gauge, projected in a Bloomberg survey of economists to drop from a five-month high. HSBC Holdings Plc, which gets most of its profit from Asia, posted disappointing full-year profit yesterday amid shrinking revenue.


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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