Asia’s benchmark stock gauge rose as Chinese shares surged a third day and Japanese equities increased with the dollar at its strongest level since 2007 versus the yen. South Korea’s won slipped while oil climbed.
The MSCI Asia Pacific Index added 0.4 percent by 1:22 p.m. in Tokyo, as Japan’s Topix index rose 0.7 percent toward the highest level since December 2007. The Shanghai Composite Index climbed 1.6 percent. Standard & Poor’s 500 Index futures fluctuated with the greenback at 119.93 yen and near a two-year high against the euro before the European Central Bank decides policy. The won lost 0.4 percent. Australian bonds rallied, while oil in New York rose 0.8 percent.
Global bond yields are holding near historic lows before the ECB decision today amid speculation policy makers are moving closer to buying government debt to combat deflation. Investors are awaiting U.S. employment reports tomorrow after private data yesterday showed steady hiring and a faster-than-estimated expansion of services industries. U.S. oil supplies unexpectedly dropped last week, tempering concern that a global glut will worsen after OPEC maintained output.
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