Asian Equities Remain Near Five Month Highs

Asian stocks traded near a five-month high and the dollar strengthened before Federal Reserve Chair Janet Yellen speaks to lawmakers and as Greece’s creditors review a list of debt-reduction policies. Australian bonds gained and U.S. oil traded below $50 a barrel.

The MSCI Asia Pacific Index was little changed by 11:53 a.m. in Tokyo, with about the same number of stocks rising as falling. Futures on the Standard & Poor’s 500 Index fluctuated after the U.S. gauge finished less than 0.1 percent from a record. Australia’s 10-year bond yield fell, tracking a rally in U.S. Treasuries. New Zealand’s dollar weakened on lower inflation expectations and the yen fell. West Texas Intermediate crude was at $49.55 a barrel.

Greece presented creditors with a draft of policies to implement a Feb. 20 deal for continued funding. An official said the list would be given to euro-area members for discussion Tuesday. With a gauge of consumer confidence estimated to retreat today, Federal Reserve Chair Janet Yellen begins two days of testimony to Congress as investors watching for clues on the timing of an interest-rate increase.

Bloomberg

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