Asian Stocks, Oil Gain on Global Growth Optimism; Dollar Drops
Asian stocks rose a second day and oil gained after bigger-than-expected gains in Japanese retail sales and U.S. housing boosted confidence in global growth. The dollar fell before a European summit on the debt crisis.
The MSCI Asia Pacific Index added 1 percent as of 1:00 p.m. in Tokyo, where the Nikkei 225 Stock Average (NKY) advanced 1.3 percent. Futures on the Standard & Poor’s 500 Index gained 0.1 percent after the gauge rose 0.9 percent yesterday. Commodity prices climbed for a fifth day, with oil up 0.4 percent to $80.54, while zinc, nickel and aluminum increased at least 0.5 percent. The dollar fell against most of its major counterparts, while the euro rebounded following a three-day slide. [full story…]