Asian stocks rebounded from an almost two-week low, led by material and energy companies, after an advance in U.S. equities as oil entered a bull market.
The MSCI Asia Pacific Index gained 0.8 percent to 140.97 as of 9:01 a.m. in Tokyo after closing yesterday at its lowest since Jan. 22. Brent crude, the benchmark for more than half of the world’s oil, finished yesterday more than 20 percent above its Jan. 13 settlement on speculation that reduced investment will curb crude production. The Standard & Poor’s 500 Index rose for a second day as energy producers rallied.
“I don’t think investors are getting ahead of themselves,” Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin, said on Bloomberg Television. “The key focus is what’s going to happen with the European Central Bank and Greece. There’s enough overlap of interest that they can come to a compromise. Nobody would win if Greece ended up defaulting.”