Asian stocks rose from a six-month low after a Federal Reserve official said the central bank should consider delaying the end of bond purchases and U.S. data eased concern over the global economy.
The MSCI Asia Pacific Index (MXAP) climbed 0.1 percent to 134.93 as of 9:01 a.m. in Tokyo after closing yesterday at the lowest since March 25. The gauge is heading for a sixth straight weekly decline as faltering recoveries in China and Europe spark concern global economic growth will slow and the Fed considers when to raise interest rates.
“Markets in Europe, Australia and Japan are looking attractive,” said Steven Milch, Sydney-based chief economist at Suncorp Group Ltd. “I don’t think the fundamental picture has changed significantly. U.S. data overnight was pretty good. The Fed needs to balance what is clearly a strong economy against some of this financial market volatility.”