Asian stocks rose, following a rebound in U.S. shares, as the yen’s first drop in seven days buoyed Japanese exporters. Materials and health-care shares led gains.
The MSCI Asia Pacific Index added 0.2 percent to 152.57 as of 9:01 a.m. in Tokyo. The measure retreated 0.9 percent yesterday, the most in almost a month, as China’s curbs on speculative trading outweighed the central bank’s biggest cut to reserve requirements since 2008. Chinese equity futures pointed to a rebound Tuesday, with contracts on the Hang Seng China Enterprises Index of mainland shares in Hong Kong rising 0.9 percent.
“The Chinese authorities in the short term are trying to soften the blow,” Stephen Wood, chief market strategist at Russell Investments in New York, told Bloomberg TV. “Japan is something we’ve been looking at for a while now. You’re probably seeing Europe being the most attractive and secondarily the U.S. tied with Japan right now” among global equity markets.
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