Asian Equities Higher Led by China

Asian stocks climbed, the yen slid to an almost eight-month low and bonds in the region tracked Treasuries lower amid signs of strength in the U.S. economy. Chinese shares jumped after gauges of services activity rebounded, while crude oil rallied.

The MSCI Asia Pacific Index rose 0.5 percent by 11:43 a.m. in Tokyo, as Hong Kong’s Hang Seng Index advanced 1 percent. Standard & Poor’s 500 Index futures were little changed after the benchmark U.S. index slipped 0.1 percent from a record. The yen dropped to as low as 105.27 per dollar, the weakest level since Jan. 10. Yields on 10-year Australian debt added nine basis points. Oil in New York rebounded 0.4 percent and gold climbed from the lowest level since June.

U.S. factory output grew in August at the fastest pace in three years, underlining the economy’s divergence with Europe and China, where gauges of manufacturing this week dropped more than analysts projected. A private gauge of non-manufacturing activity in China jumped the most on record after its lowest-ever reading last month. Japan and the euro area see service-industry data today, before the European Central Bank and the Bank of Japan update monetary policy tomorrow amid speculation over the outlook for stimulus.


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