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, according to Bloomberg News surveys of analysts.
“We saw strong consumer confidence and the expectation of a dovish Federal Reserve,” said Jasper Lawler, a London-based market analyst at CMC Markets Plc, which provides trading services on equities, currencies and commodities. “As long as the Fed holds up its end of the bargain and implicitly pledges to keep rates low, then markets should have what they need.”
Bloomberg
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