Bloomberg (21/10) -- Asian stocks rose, with the regional benchmark index extending a five-month high, amid speculation the Federal Reserve will delay stimulus cuts.Canon Inc., the world’s biggest camera
maker, gained 1.4 percent as a weaker yen boosted the earnings outlook
for Japanese exporters. Tencent (700)
Holdings Inc. jumped to a record in Hong Kong, pacing gains among
Internet companies after industry bellwether Google Inc.’s ad sales
topped estimates. Qantas Airways Ltd. slipped 5.6 percent, falling a
second day after Australia’s largest carrier said last week it expects the lowest yields for passenger flights in more than a decade.The MSCI Asia Pacific Index added 0.2 percent to 143.69 as of 5:16 p.m. in Tokyo, with almost two shares rising for each that fell. The gauge climbed 1.8 percent last week after China’s
economic growth accelerated and as investors shifted their focus from
the resolution of the U.S. fiscal showdown to the timeline for the Fed
reducing bond buying.“The market will continue to rally based
on improving economic fundamentals and a potential delay in tapering of
the Federal Reserve’s stimulus,” Angus Gluskie,
managing director at White Funds Management Ltd. in Sydney where he
helps oversee about $550 million, said by telephone. “While the U.S.
government still needs to do more work on the debt issue and their
budget, we’re going into 2014 with the likelihood of synchronized
recovery in Europe, Asia and the U.S.”Japan’s
Topix index advanced 0.6 percent. The nation’s exports rose 11.5
percent in September from a year earlier, according to a government data
today, missing the 15.6 percent estimate of economists surveyed by
Bloomberg.
