Asian
stocks rose, fueling the benchmark index’s first back-to-back monthly advance
since April, amid rising company earnings and with the Federal Reserve
projected to maintain the pace of its monetary stimulus today. Oil slipped a
second day and precious metals fell.
The
MSCI Asia Pacific Index gained 0.2 percent by 10:04 a.m. in Tokyo, set for a
2.8 percent gain in October as Japan’s Topix Index jumped 0.7 percent. Standard
& Poor’s 500 Index (SPX) futures fell 0.1 percent after the gauge added 0.6
percent in New York, reaching a record for a third day. Malaysia’s ringgit and
South Korea’s won weakened, while the yen held near a 1 1/2-week low against
the dollar. Crude in New York slid 0.6 percent as silver and palladium fell at
least 0.2 percent.
Baidu
Inc. posted better-than-estimated results today after PetroChina Co. and China
Petroleum & Chemical Co., the nation’s leading energy companies, boosted
profit in the third quarter. Daiwa Securities Group Inc. (8601)’s net income
also rose. South Korean industrial output shrank last month, data today showed,
while Japanese factory production returned to growth in September. Economists
expect the Fed will maintain its $85 billion-a-month in bond purchases at a
meeting ending today.
(Source: Bloomberg)
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