Asian stocks rose, pushing the regional index toward the first monthly rise since July, amid optimism about the US economy and speculation Japanese pension fund will announce plans to boost investment in the shares today, gold was near its lowest level in three weeks as crude oil extended losses.
The MSCI Asia Pacific rose 0.4 percent by 9:26 index in Tokyo, headed for an advance of 0.5% in October, and the Japanese TOPIX index rose 1.2%, with the yen trading near its lowest level in six years.
Changed the Standard & Poor’s 500 index futures slightly after rising stock index 0.6% New Zealand dollar lost 0.3%, oil fell for a second day after jumping US production to the highest level since 1980, and presided over the Golden biggest weekly drop since mid-September, while silver traded near a minimum of 4 years.
The Nikkei newspaper reported that the investment fund Japan’s Government Pension lift the local goals and foreign stock allocation to 25% each.
It is due to be announced today, along with a statement from the Bank of Japan, which operates in record stimulus to support the second largest economy in Asia.
The US economy was crowned the best six months of growth in the fourth quarter than a decade, supporting the Federal Reserve’s decision to buy a bond program to end this month.
He wrote Rajko Sharif, a market strategist in Wellington at Bank of New Zealand Limited, in the client’s memorandum on US data “helps to defend optimism that the FOMC Fed voiced in its decision.
Investors have been expecting higher weights to be applied to stocks and bonds abroad, which is likely to be yen negative, “referring to the GPIF.
Analysts surveyed by Bloomberg GPIF also expected to 1.2 trillion dollars, the largest pension fund in the world, to increase the allocation of domestic stocks, with the announcement of the Japanese Health Minister Yasuhisa Shiozaki, expected today, will be reduced fund allocation for debt to 35%, the Nikkei reported.
NZX Index 50 (NZSE50FG) added 0.6 percent in Wellington, extending its record high, while Australia’s S & P / ASX 200 Index rose 0.6% as well, led by shares of industrial companies and technology. Kospi index fell 0.4% in Seoul.
A report of the Ministry of Commerce yesterday, US GDP increased by 3.5% on an annual basis in the three months ending in September, after rising 4.6% in the second quarter.
Data, which won on the economic average prediction of 3%, saw the strongest back to back readings since the last six months of 2003, came a day after confirmed the Fed that the economy is strong enough to withstand the full withdrawal of its assets program, buy.
Filed separate data yesterday showed fewer Americans a number of applications for unemployment benefits over the past month than at any time in more than 14 years.
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