Asian stocks extended a six-month high after global equities capped their biggest weekly advance since July 2013. Crude oil declined, while wheat traded at a two-month high.
The MSCI Asia Pacific Index rose a fifth straight day, adding 0.6 percent by 11:11 a.m. in Tokyo as Japan’s Topix index rose 0.8 percent. Standard & Poor’s 500 Index futures climbed 0.1 percent after U.S. equities helped drive the MSCI All Country World Index to a 3.2 percent weekly gain. The Bloomberg Dollar Spot Index held near a two-week low. U.S. oil lost 1.4 percent as Saudi Arabia said it was pumping near record amounts of crude. Wheat rose 1.1 percent.
The value of global equities hit a record $68.4 trillion on March 20 as investors bet shares will benefit from delayed Federal Reserve interest-rate increases and record central-bank stimulus in Europe and Japan. Three Fed members speak today after policy makers lowered their rate outlook, sending the dollar to its worst week since 2011. Greek Prime Minister Alexis Tsipras is set to meet German Chancellor Angela Merkel on Monday as he seeks to salvage a bailout deal.