Asian Stocks Rise as Ringgit Weakens While Gold Retreats

Asian stocks climbed, with the regional index rising from a one-month low led by Japanese shares, as better-than-estimated Chinese and U.S. economic data bolstered the global outlook. Most Asian currencies weakened against the dollar as precious metals retreated.

The MSCI Asia Pacific Index gained 0.5 percent by 9:11 a.m. in Tokyo, after closing at the lowest level since Oct. 8 last week. Japan’s Topix Index (TPX) jumped 1.2 percent as the yen traded at a seven-week low versus the greenback. Standard & Poor’s 500 Index (SPX) futures were little changed. Currencies from Australia to Malaysia and South Korea lost at least 0.1 percent. Gold was near the lowest closing level since Oct. 16 and silver lost 0.5 percent while copper futures rose 0.3 percent.

Industrial output in China rose more than analysts estimated last month while inflation quickened less than forecast, burnishing prospects for the world’s second-largest economy with Communist Party leaders currently meeting over policy. U.S. payrolls added almost twice as many workers as projected in October as investors gauge the timeline for Federal Reserve stimulus cuts. Australia reports on home loans today and Malaysia releases factory production figures.

Australia’s S&P/ASX 200 Index added 0.4 percent after snapping a four-week rally to decline 0.2 percent last week. The Kospi Index (KOSPI) rose 0.3 percent in Seoul after sliding 2.7 percent last week.

(Source: Bloomberg)