Asian stocks rose for the first time in three days, led by Japanese carmakers after Nomura Holdings Inc. boosted its investment rating on Honda Motor Co.
Honda, Japan’s second-biggest carmaker by market value, climbed 3.1 percent in Tokyo, and Toyota Motor Corp., the world’s largest automaker, advanced 1.3 percent. Woolworths Ltd., Australia’s No. 1 retailer, dropped 2.5 percent in Sydney after cutting its annual profit forecast. JB Hi-Fi Ltd., an Australian electronics retailer, decreased 1.9 percent.
The MSCI Asia Pacific Index gained 0.2 percent to 136.79 as of 10:27 a.m. in Tokyo, with about three stocks advancing for each two that declined. Of the 40 companies in the gauge that have reported net income for the latest quarter, 18 have exceeded analyst estimates and the same number has missed them, according to data compiled by Bloomberg.
The Asia-Pacific gauge sank 1.7 percent last week amid concern China’s faster-than-expected economic growth will add pressure on policy makers to boost efforts to tame inflation.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment