Asian stocks rose yesterday after U.S. data on durable goods and consumer confidence boosted optimism in the strength of the world’s largest economy.
Boral Ltd. (BLD) surged 4.5 percent as profit at the Australian producer of building materials topped estimates. Kawasaki Kisen Kaisha Ltd., Japan’s third-biggest shipper, rose 3.7 percent on a report it will target a return on equity of 10 percent in five years. Flight Centre Travel Group Ltd. sank 1.9 percent in Sydney after reporting profit in line with its target.
The MSCI Asia Pacific Index (MXAP) gained 0.2 percent to 148.70 as of 10:41 a.m. in Hong Kong, with the gauge trading within 1 percent of a six-year high. More than $1.1 trillion has been added to the value of the world’s equities this month, with global shares now worth a record $66 trillion. Orders for U.S. durable goods jumped in July by the most on record, while American consumer confidence reached the highest level in almost seven years.
NZX 50 Index
South Korea’s Kospi index added 0.5 percent and Taiwan’s Taiex index advanced 0.8 percent. New Zealand’s NZX 50 Index rose 0.5 percent and Singapore’s Straits Times Index increased 0.4 percent. Australia’s S&P/ASX 200 Index increased 0.2 percent as Boral surged 4.5 percent to A$5.63. Japan’s Topix index was little changed.
Hong Kong’s Hang Seng Index (HSI) was little changed while the Hang Seng China Enterprises Index of mainland Chinese firms traded in the city advanced 0.5 percent. The Shanghai Composite Index rose 0.2 percent. The MSCI Emerging Markets Index increased 0.4 percent after yesterday closing at a three-year high.