SYDNEY: Asian stocks climbed amid speculation global policy makers will take steps to stimulate economic growth and after a four-day drop left the regional gauge at the cheapest level this year.
BHP Billiton Ltd., the world's largest mining company, rose 1.6% as commodity prices advanced. Canon Inc., a Japanese camera maker whose shares fell yesterday to the lowest level since April 2009, gained 3.7%. Qantas Airways Ltd., Australia's largest carrier, tumbled 14% to a record low after forecasting full-year profit may plunge as much as 91%.
The MSCI Asia-Pacific Index rose 0.6% to 109.74 as of 9:20 a.m. in Tokyo, snapping a four-day decline and recouping some of yesterday's 2.1% loss.
"We are likely to see a reasonably strong policy response in a number of countries," said Angus Gluskie, managing director at White Funds Management in Sydney, who manages more than US$350 million. "It's stacking up to be a reasonably good buying opportunity."
The MSCI Asia-Pacific has fallen 15% from its peak this year on Feb. 29. The measure slumped 10% in May, the biggest monthly loss since October 2008, when global markets tumbled following the collapse of Lehman Brother Holdings Inc. Equities continued declines into June as a U.S. jobs report added to concern global growth is slowing amid a deepening debt crisis in Europe. (Bloomberg/aph)
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