Asian stocks rose, with the benchmark index rebounding from an almost seven-month low, after U.S. equities rallied. Japan’s Topix (TPX) index surged amid optimism the nation’s $1.2 trillion pension fund will buy more shares.
Toyota Motor Corp., the world’s biggest carmaker by market value, jumped 4.1 percent in Tokyo as the yen extended its loss. NEC Corp., a Japanese maker of computers, increased 5.6 percent on a report first-half operating profit rose. Transfield Services Ltd. soared 29 percent in Sydney after the provider of outsourcing services entered into talks with Ferrovial SA after turning down a preliminary offer.
The MSCI Asia Pacific Index (MXAP) climbed 1.3 percent to 135.44 as of 9:15 a.m. in Tokyo, buoyed by a 2.8 percent jump for the Topix. The regional gauge slumped last week to the lowest since March, extending its drop to more than 10 percent from a July 29 high, the common definition of a correction. Concern about an ailing European economy, the timing of Federal Reserve interest-rate increases and the spread of the Ebola virus wiped about $2.8 trillion off the value of global stocks in October through last week.