Asian markets head for best week since last April
Asian stocks are heading for their biggest weekly advance in 11 months, with the MSCI Asia Pacific index gaining 0.7 per cent.
Copper's pared a quarterly decline and investor confidence growing on hopes of further economic stimulus from the Chinese authorities.
Chinese premier Li Keqiang has stated that the country does have policies in reserve to deal with volatility, and “difficulties and risks” from a slowdown can’t be ignored.
The Nikkei has been having a slightly choppier day, though, with investors moving to book profits before the end of the fiscal year. The Japanese index is currently up 0.4 per cent at 14,679, gaining 2.9 per cent this week.
On the economic data front, retail sales advanced 0.3 per cent last month, demonstrating that consumer spending has yet to see a surge in activity. Car sales plunged 5.7 per cent, dragging down the headline number.
Meantime, headline inflation rebounded from 1.4 per cent to 1.5 per rent in February, with higher fresh food prices, owing to a chilly winter.
Analysts think trading will remain subdued as the year draws to a close, with Japanese investors bracing themselves for a potential hike in sales tax.
More widely, news that the International Monetary Fund has reached a preliminary agreement to unlock $27bn to help Ukraine avoid a debt default is being digested by markets.
China’s Hang Seng is up 1.3 per cent at 272, and South Korea’s KOSPI is up 0.2 per cent to 1,982. The Aussie gained as much as 0.4 per cent in trading.