Asian stocks and emerging-markets currencies rose and the dollar began a third week of decline after regional leaders pledged to maintain stimulus measures and Japan’s economy grew faster than economists estimated.
In Tokyo, the Nikkei 225 index recovered 20.87 points, or 0.2%, to 9,791.18
In Hong Kong, the Hang Seng Index rocketed up 390.35 points, or 1.7%, to 22,553.63.
Japan reversed losses as optimism about a gain in capital spending overshadowed concern that share sales will dilute shareholder value. Fast Retailing Co. Japan’s biggest clothing retailer, climbed 5.2 percent.
Mitsubishi UFJ Financial Group Inc., Japan’s largest bank by market value, lost 5.5%, while Hitachi Ltd., the fourth-largest company in the Nikkei by sales, fell 8.5%.
A government report showed Japan’s capital spending rose 1.6% in the three months through September, contributing to the nation’s faster-than-estimated economic growth in the quarter.
Display makers led Taiwan stocks higher after Chi Mei Optoelectronics Corp. and Innolux Display Corp. agreed to merge and create Taiwan’s largest liquid-crystal panel maker. Chi Mei surged by its 6.9% daily limit, while Innolux added 2.9%.
The weakening greenback sent gold prices to a record high as demand increased for the precious metal as a store of value, BHP Billiton Ltd., the world’s biggest mining company, added 2.8% in Sydney.
Shipping shares advanced as the Baltic Dry Index, a measure of shipping costs for commodities, posted its biggest weekly climb in a seven-week winning streak. Mitsui O.S.K. Lines Ltd., operator of the world’s largest merchant fleet, rose 0.8% in Tokyo.
CHINA
China climbed, not being immune to the furor over gold.
The Shanghai 300 Composite Index gained 107.08 points, or 3%, to 3,625.80.
Zijin Mining Group Co., China’s largest gold producer, gained 2.5% in Shanghai.
China Cosco Holdings Co., the biggest operator of dry-bulk ships, climbed 5.1%.
Foreign direct investment in China climbed for a third month in October from a year earlier as companies bought into a strengthening economic recovery. Investment rose 5.7% to $7.1 billion U.S., the Ministry of Commerce said at a briefing in Beijing today.
Elsewhere:
Taiwan’s Taiex index moved ahead 127.05 points, or 1.7%, to 7,792.68.
Singapore’s Straits Times index was up 56.62 points, or 2.1%, to 2,783.85
Korea’s Kospi index tacked on 20.48 points, or 1.3%, to 1,592.47
New Zealand’s NZX Index finished 15.82 points, or 0.5%, higher, to 3,158.14
Australia’s S&P/ASX 200 gained back 1%, to 4,755.20
