Asian Stocks Reaches Six-Year HighAsian stocks rose for a third day, with the regional benchmark index extending a six-year high, ahead of a Federal Reserve meeting starting today.
Nissan Motor Co. climbed 1.9 percent after the carmaker's earnings beat analyst estimates on higher sales in China. Keyence Corp. jumped 3 percent in Tokyo after the supplier of sensors and measuring instruments reported a 33 percent increase in first-quarter net income. QBE Insurance Group Ltd. tumbled 11 percent after Australia's second-biggest insurer said profit in the six months ended June 30 may fall 18 percent due to higher claims in Argentina.
The MSCI Asia Pacific Index (MXAP) added 0.3 percent to 149.62 as of 4:20 p.m. in Hong Kong. The gauge is heading for a 2.7 percent advance this month. The Hang Seng China Enterprises Index of mainland stocks traded in Hong Kong, also known as the H-Share index, entered a bull market yesterday, rising 20 percent from a March 20 low after policy makers deployed targeted stimulus to meet economic growth targets.
"The equities rally will continue for the rest of the year," Daphne Roth, Singapore-based head of Asian equity research at ABN Amro Private Banking, which oversees about $207 billion, said by phone. "We're seeing economic growth filtering through to corporate earnings. While Fed tapering will continue, we believe the earliest interest-rate increase will only happen by the middle of next year. The Fed is very clear that they will only raise rates provided the economy continues to recover."
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