Asian Stocks Gain
World Economy

Asian Stocks Gain

Asian stocks rose as investors weighed earnings reports in Japan ahead of manufacturing data that may provide a clue to the strength of China’s economic growth.
Japanese leasing-company Orix Corp. soared 9.4%, the biggest advance on the regional index, after quarterly results beat estimates. Fujifilm Holdings Corp. jumped 7.95 after announcing a plan to repurchase as much as 100 billion yen ($806 million) of its shares. The Shanghai Composite Index slid 1.1%, extending its decline this week to 10%, as the government struggles to rekindle investor interest amid a $3.5 trillion rout, Bloomberg reported.
The MSCI Asia Pacific Index gained 0.6% to 141.62 in Hong Kong. The gauge is on course to decline 0.6% this week and 3.2% in July. China discloses July factory output on Saturday, after a private report showed manufacturing unexpectedly fell to a 15-month low in the month. Friday is the busiest day of Japan’s earnings season, with more than 310 Topix companies posting results.
“Corporate earnings in Japan are likely to continue to come in higher than some of the other regions, largely because the weak yen is still boosting margins,” Kelvin Tay, chief investment officer for South Asia Pacific at UBS AG’s wealth management unit, told Bloomberg TV. “We still think there will be further easing of monetary policy and expect the yen to weaken.”
Japan’s Topix index gained 0.8% as the yen weakened to 124.22 per dollar. Of the 945 Topix firms that have reported this season, 53% exceeded profit expectations, an improvement from the 48% that beat forecasts in the previous quarter, according to data compiled by Bloomberg. For sales, 53% topped estimates, from 55% last quarter.
India’s S&P BSE Sensex Index rose 1.3%. Australia’s S&P/ASX 200 Index added 0.5% and South Korea’s Kospi index climbed 0.6%. New Zealand’s NZX 50 Index added 0.5%. Hong Kong’s Hang Seng Index gained 0.5% while the Hang Seng China Enterprises Index slipped 0.1%. Singapore’s Straits Times Index sank 1.4% as Noble Group Ltd. tumbled.

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