Asian stocks headed for a seven-year high, led by financial and technology shares. Oil dropped, while Australia’s dollar climbed after data showed faster-than-estimated inflation.
The MSCI Asia Pacific Index rose 0.6 percent by 12:26 p.m. in Tokyo, with Japan’s Topix index trading at the highest since Nov. 1, 2007. Standard & Poor’s 500 Index futures added 0.1 percent. U.S. oil fell 0.9 percent, dropping for a second day before stockpiles data. The Aussie jumped 0.8 percent versus the greenback, recovering after nearing parity with New Zealand’s currency.
Global equities are less than 0.3 percent below a record value of more than $71 trillion as companies report earnings, central banks from Europe and Asia expand stimulus and the prospect of June U.S. rate increases recedes. China’s bull market for equities is just beginning, according to a commentary published on the People’s Daily’s website. The biggest U.S. oil stockpile in 85 years probably swelled by 3.2 million barrels last week.