Asian stocks rose after reports from U.S. housing to manufacturing showed the world’s largest economy is strengthening. Japan’s Nikkei 225 Stock Average headed for a 10th day of gains, the longest winning streak in 26 years.
Iluka Resources Ltd. climbed 4 percent in Sydney, leading an advance in the region, after posting an unexpected profit. Santos Ltd. advanced 3.8 percent as earnings advanced at the Australian oil and gas producer. SoftBank Corp. accounted for the largest gain on the Nikkei 225, rising 0.8 percent in Tokyo.
The MSCI Asia Pacific Index added 0.1 percent to 148.58 as of 9:23 a.m. in Tokyo, on course for a second week of gains, before markets open in Hong Kong and China. The gauge is trading within 1 percent of a six-year high as investors await clues on the timing of U.S. interest-rate increases from Federal Reserve Chair Janet Yellen, who speaks today at a Kansas City Fed conference in Jackson Hole, Wyoming.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.