Most Asian stocks rose as a rebound by Japanese energy companies and exporters outweighed disappointing U.S. retail sales.
About two shares rose for each that fell on the MSCI Asia Pacific Index (MXAP), which lost 0.1 percent to 137.35 as of 9:16 a.m. in Tokyo, before markets opened in China and Hong Kong. Japan’s Topix index added 0.6 percent as the yen weakened after crude rose the most in 2 1/2 years yesterday.
“Given the return in oil prices and the deep sell-off yesterday in Japanese stocks, the conditions could be there for a rebound,” Mitsushige Akino, an executive officer at Ichiyoshi Asset Management Co. in Tokyo, said by phone. “The risk-off sentiment pushed the dollar-yen pair to as low as 116, but that was probably going too far in the short term.”
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.