Asian stocks continued where the US left off, heading for their longest run of gains since April as the prospect global central bank policy will remain accommodative for longer bolsters equities around the world.The regional stock benchmark followed the Standard & Poor's 500 Index in rising a fifth day, as global shares solidify their rebound from their worst quarter since 2011. The dollar maintained losses against major peers, while sliding versus Korea's won amid mounting speculation the Federal Reserve will hold off on raising interest rates until 2016. US oil held above US$46 a barrel.
"Markets continue to believe that weak data will pressure central banks in Europe and Japan to provide more stimulus and will delay the US Fed in its pursuit to begin withdrawing monetary stimulus," Matthew Sherwood, head of investment strategy at Perpetual Ltd in Sydney, which manages about US$21 billion, said in an e-mail to clients. This "continues to have investors believe that asset prices can defy the weak growth environment." Stocks have been rallying since capping their most volatile quarter in four years, as stagnation in the US labour market pushes out the probable timeline for rate increases. Odds the Fed will pull the trigger on tightening this month have fallen to 10 percent, suppressing the dollar while bolstering assets in riskier markets that have benefited from the era of cheaper money. Australia is expected to keep rates at a record-low Tuesday, while the Bank of Japan starts a two-day meeting, with almost half of economists surveyed projecting they'll bolster stimulus at the end of October.
The MSCI Asia Pacific Index climbed 0.9 per cent by 9:55 am in Tokyo, while a similar measure for global stocks added 0.1 per cent in early trade, also rising a fifth day.
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