Asian Stocks Advance After U.S. Economic Data Improve

Asian stocks rose, with the regional benchmark equities gauge set to rebound from last week’s drop, as improving U.S. economic data boosted investor optimism for earnings growth in the region.

Nikon Corp.  advanced 1.9 percent as the yen touched the weakest level in more than four months against the dollar, boosting the earnings outlook for Japanese exporters. Warrnambool Cheese & Butter Factory Co. climbed 2.4 percent in Sydney after Saputo Inc. raised its offer for the company. Beadell Resources Ltd. slumped 6.9 percent, leading Australian gold miners lower as the price of the precious metal retreated after Iran agreed to limit its nuclear program in exchange for as much as $7 billion of relief from economic sanctions.

The MSCI Asia Pacific Index gained 0.5 percent to 141.93 as of 9:37 a.m. in Hong Kong, with all 10 industry groups on the gauge rising. The measure slid 0.2 percent last week for the fourth such loss in five weeks. Still, the index climbed 9.2 percent this year through Nov. 22 as investors bet the Federal Reserve won’t taper its monthly bond buying before 2014.

(Source: Bloomberg)