Most Asian stocks rallied after the regional index recovered from a fall on Friday to its lowest level since May. The weakening of the yen favored the Japanese market on a day in which new data indicate that the US economy is recovering.
Three stocks went up for each one down in the MSCI Asia Pacific Index, which changed slightly at 142.01 as of 9:06am in Tokyo. The measure fell 1,7% last week to its lowest since May 30 on concerns about Chinese growth. Investors were also scared by the possibility that the Fed would decide to raise interest rates sooner than expected. The Hong Kong square in particular is still weighed down by problems of internal order, following the most massive street protests since the city returned to Chinese control.
"This situation of uncertainty alarms investors who are worried that tensions could continue damaging the business climate in Hong Kong," said Vasu Menon, vice president of wealth management at Oversea-Chinese Banking. So in addition to Chinese growth and US rates, there is a new level of uncertainty in the markets". The Japanese Topix was up 0,6% as the yen weakened against the dollar (-0,1% to 109.36). New Zealand's NZX 50 was up 0,4% and Australia's S&P/ASX 200 was down 0,1%.
