Asian Stocks Advance After U.S. Rally on Jobs Data as Yen Drops

Asian stocks rose, with the regional benchmark index heading for its longest stretch of gains this year, after jobs data spurred the biggest two-day rally for U.S. equities since October and the yen weakened.

Nissan Motor Co. climbed 1 percent, pacing gains among Japanese exporters. Rio Tinto Group (RIO), the world’s second-largest mining company, added 1.2 percent in Sydney after copper futures rose a third day. Landing International Development Ltd. surged 13 percent in Hong Kong after the Chinese property developer and partner Genting Singapore Plc announced plans to build a $2.2 billion casino resort in South Korea’s Jeju island.

The MSCI Asia Pacific Index added 0.4 percent to 133.75 at 11:19 a.m. in Tokyo, rising a fourth day. The gauge has climbed 2.8 percent from a five-month low on Feb. 4. The Topix index rose 0.7 percent as the yen weakened. The Standard & Poor’s 500 Index jumped 1.3 percent on Feb. 7. Japan’s current-account deficit widened to a record in December, while China’s central bank signaled volatility in money-market interest rates will persist and borrowing costs will rise.

The MSCI Asia-Pacific gauge dropped 4.6 percent in January for its worst start to a year since 2009 amid concern about the Federal Reserve’s stimulus cuts, China’s economic slowdown and volatility in developing markets. Global equity losses in 2014 peaked at $3 trillion on Feb. 4 and have since narrowed to $1.6 trillion, data compiled by Bloomberg show.

(Source: Bloomberg)