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Asian stocks rose, with the regional benchmark index headed for the longest winning streak in two months, on speculation China and the U.S. will take more measures to spur growth in the world's two biggest economies.
Electronics maker Samsung Electronics Co., which gets 48 percent of its revenue in China and America, rose 2.5 percent in Seoul. Fanuc Corp., the world's biggest maker of industrial robots, gained 1.9 percent after Japan's machinery orders increased more than estimated in July. China Eastern Airlines Corp., the nation's second-largest carrier by passenger numbers, jumped 3.9 percent in Hong Kong after announcing plans to raise $570 million.
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The MSCI Asia Pacific Index rose 1 percent to 120.47 as of 12:49 p.m. in Tokyo, headed for a five-day advance, the longest winning streak since July. About four stocks increased for each that fell. Stocks have gained since the European Central Bank announced an unlimited bond-buying program last week to quell the region's debt crisis.
“If, between the Federal Reserve, the European Central Bank and People's Bank of China, we start to see some moderate easing, then definitely one of the asset classes that will benefit is equity,” said David Gaud, a senior portfolio manager at Edmond de Rothschild Asset Management in Hong Kong, which oversees 14 billion euros ($18 billion) in equities and convertible bonds. “In China, we should be able to see a bit more easing in the coming months. They've started already and there's more room for improvement.”
via – Bloomberg
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.