Asian Stocks Head for Three-Month High Ahead of U.S. Data

Asian stocks rose, with the regional benchmark index heading for a three-month high, ahead of reports on U.S. housing and durable goods this week that are expected to show the world’s biggest economy is improving, overshadowing concern about Europe’s debt crisis.

Samsung Electronics Co. (005930), the world’s No. 1 mobile-phone maker by sales, gained 1 percent in Seoul. Asia Pacific Breweries Ltd. jumped 4.8 percent in Singapore after Heineken NV raised its offer for a controlling stake in the maker of Tiger beer. Woodside Petroleum Ltd., Australia’s second-largest oil producer, climbed 2.2 percent as crude traded near a three-month high.

The MSCI Asia Pacific Index added 0.3 percent to 121.07 as of 10:49 a.m. in Tokyo, heading for its highest close since May 8. About three shares rose for every two that fell in the gauge. The measure advanced in the past three weeks on expectations China will ease monetary policy and amid signs the U.S. economy is strengthening.

“U.S. economic data has been better, with the housing sector turning around,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion in assets. “Eventually, Asian exports will rebound. Asian equities aren’t overvalued after recent gains and Chinese equities are dearth cheap. China’s economic slowdown remains a key concern.”

By Jonathan Burgos
Read More: Bloomberg