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Asian stocks advanced, extending last week’s rally, after data showed higher-than-expected U.S. jobs growth. The euro weakened against most of its 16 major peers before Greek leaders respond today to demands by international creditors on economic measures.
The MSCI Asia Pacific Index (MXAP) climbed 0.9 percent as of 9:37 a.m. in Tokyo, adding to a 1.1 percent gain last week. Standard & Poor’s 500 Index futures slipped 0.2 percent after the equity gauge rallied 1.5 percent on Feb. 3. The euro fell 0.4 percent against the U.S. currency and the Australian and New Zealand dollars declined. Oil retreated 0.2 percent to $97.63 a barrel.
“In the second half of last year, talk was all about whether the U.S. will go back into a recession,” said Andrew Pease, Sydney-based chief investment strategist for the Asia- Pacific region at Russell Investment Group, which manages about $150 billion. “Now I think talk will be about what will be the strength of the recovery in the U.S. That’s an important shift in the balance of risk.”
Greek Prime Minister Lucas Papademos struck a tentative deal with party leaders to extend spending cuts after euro-area finance chiefs told them an increase in the 130 billion-euro ($170 billion) aid package wasn’t forthcoming. Greece’s leaders will meet today to complete an accord as international creditors imposed an 11 a.m. deadline in Athens for a final deal.
Data today may show Indonesia’s economic growth exceeded 6 percent for a fifth quarter, according to a survey of economists’ forecasts compiled by Bloomberg. Japan Tobacco Inc., SK Holdings Co. and Nippon Telegraph & Telephone Corp. are among Asian companies scheduled to release earnings today.
The S&P 500 has risen for five weeks, the longest streak in a year. The 243,000 increase in U.S. payrolls was the most since April and exceeded all forecasts in a Bloomberg News survey. The unemployment rate dropped to 8.3 percent, the lowest since February 2009.
The MSCI Asia Pacific Index (MXAP) climbed 0.9 percent as of 9:37 a.m. in Tokyo, adding to a 1.1 percent gain last week. Standard & Poor’s 500 Index futures slipped 0.2 percent after the equity gauge rallied 1.5 percent on Feb. 3. The euro fell 0.4 percent against the U.S. currency and the Australian and New Zealand dollars declined. Oil retreated 0.2 percent to $97.63 a barrel.
“In the second half of last year, talk was all about whether the U.S. will go back into a recession,” said Andrew Pease, Sydney-based chief investment strategist for the Asia- Pacific region at Russell Investment Group, which manages about $150 billion. “Now I think talk will be about what will be the strength of the recovery in the U.S. That’s an important shift in the balance of risk.”
Greek Prime Minister Lucas Papademos struck a tentative deal with party leaders to extend spending cuts after euro-area finance chiefs told them an increase in the 130 billion-euro ($170 billion) aid package wasn’t forthcoming. Greece’s leaders will meet today to complete an accord as international creditors imposed an 11 a.m. deadline in Athens for a final deal.
Data today may show Indonesia’s economic growth exceeded 6 percent for a fifth quarter, according to a survey of economists’ forecasts compiled by Bloomberg. Japan Tobacco Inc., SK Holdings Co. and Nippon Telegraph & Telephone Corp. are among Asian companies scheduled to release earnings today.
The S&P 500 has risen for five weeks, the longest streak in a year. The 243,000 increase in U.S. payrolls was the most since April and exceeded all forecasts in a Bloomberg News survey. The unemployment rate dropped to 8.3 percent, the lowest since February 2009.
