Asian stocks rose for a fourth day, after the Standard & Poor’s 500 Index closed near a record, amid optimism about U.S. earnings and economic data before a Federal Reserve policy announcement.
The MSCI Asia Pacific Index (MXAP) gained 0.4 percent to 139.32 as of 9:01 a.m. in Tokyo, before markets opened in China and Hong Kong. The S&P 500 jumped 1.2 percent yesterday as investors dissected corporate results and confidence among U.S. consumers rose in October to a seven-month high. The Fed is on pace to end its monthly bond-buying and leave its key interest rate unchanged near zero when its end a two-day policy meeting today.
Japan’s Topix index gained 0.7 percent as Nomura Holdings Inc. posted profit that beat estimates and data showed industrial production rose in September. South Korea’s Kospi index rose 0.7 percent. Australia’s S&P/ASX 200 Index advanced 0.2 percent and New Zealand’s NZX 50 Index added 0.3 percent.
Futures on the S&P 500 slipped 0.3 percent today after the underlying gauge’s rally yesterday. Earnings from Amgen Inc. to T-Mobile US Inc. helped drive shares before the Fed’s policy announcement. The S&P 500 has rebounded 6.6 percent from a six-month low on Oct. 15 amid better-than-expected profits.