Asian stocks climbed, with the regional index on course for its biggest three-week advance since 2009, ahead of a meeting of Chinese leaders and a monthly US jobs report.
The MSCI Asia Pacific Index rose 0.4 percent to 126.06 as of 5:32pm in Tokyo. The gauge has surged 5.4 percent this week, extending a rally from this year’s low last month to 12 percent. Chinese stocks recovered from Monday’s plunge to post their biggest weekly gain this year on signs of state intervention. Energy explorers advanced on Japan’s TOPIX, taking the measure’s gain to 15 percent over the past three weeks.
“US data continues to shine, oil continues to firm and risk appetite is coming back into all aspects of the markets,” Melbourne-based IG Ltd market analyst Angus Nicholson said. “Expectations will be quite high for an announcement of significant further fiscal spending from China’s National Party Congress.”
A US report showed the number of weekly claims for unemployment benefits remained consistent with a steady labor market, before the government’s monthly jobs data on Friday.
Oil companies in the Standard & Poor’s 500 Index erased this year’s declines on Thursday as crude settled near an eight-week high. Oil explorers rose on Friday, with Inpex Corp jumping 6.8 percent as crude prices extended a third weekly gain.
The TAIEX rose 0.37 percent on Friday to close at 8,643.55, up from 8,365.86 on Friday last week.
Japan’s TOPIX added 0.5 percent. The TOPIX, which fell into a bear market after the worst start to a year on record, has rebounded with lenders rising as concerns eased that the Bank of Japan’s negative-interest-rate program may hurt earnings.
The Shanghai Composite Index added 0.5 percent, bringing the week’s rally to 3.9 percent, the biggest advance since the week ended Dec. 18 last year. The measure is still down 19 percent this year, on concern a weaker yuan will spur capital outflows and slowing economic growth will hurt earnings. The Hang Seng Index rose 1.2 percent and the Hang Seng China Enterprises Index gained 2 percent.
Chinese Communist Party (CCP) leaders are gathering in Beijing to approve economic policies for the next five years.
Australia’s S&P/ASX 200 Index rose 0.2 percent, giving it a 4.3 percent gain for the week, the best showing since October. South Korea’s KOSPI slipped 0.1 percent, while New Zealand’s S&P/NZX 50 Index added 0.6 percent.
Singapore’s Straits Times Index climbed 1.5 percent.
Additional reporting by staff writer
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