Asian stocks advanced for a fourth day, led by the Standard & Poor's 500 which neared record highs. Optimism is growing among investors regarding corporate earnings and economic data ahead of an announcement from the US Federal Reserve.
The MSCI Asia Pacific Index gained 0,4% to trade at 139.32 as of 9:01am in Tokyo, before markets opened in China and Hong Kong. The jump, as mentioned, follows an increase in the S&P 500, which rose 1,2% yesterday. The Fed is about to end its monthly bond buying policy to support the economy and is expected to leave rates unchanged, according to a Bloomberg poll of leading analysts.
“We have seen a strengthening of consumer confidence. Expectations of a 'dovish' Fed are also increasing” explains Jasper Lawler, market analyst at CMC Markets Plc in London. "If the Fed ends its buying policy and keeps rates at these levels, the markets will have what they need."
Japan's Topix was up 0,7% on a day when Nomura reported better-than-expected profits and industrial production was on the rise in September. South Korea's Kospi index rose 0,7 percent. Australia's S&P/ASX 200 was up 0,2% and New Zealand's NZX 50 was up 0,3%.
