Asian Stocks Gain as Yen Drops on Olympics; Metals Rise

The MSCI Asia Pacific Index climbed 0.8 percent by 11:06 a.m. in Hong Kong, rising for an eighth day. Japan’s Topix Index (TPX) jumped 1.7 percent, while the Shanghai Composite Index surged 2.6 percent. Standard & Poor’s 500 Index (SPX) futures added 0.3 percent. South Korea’s won and the Malaysian ringgit strengthened more than 0.4 percent, while the yen sank 0.4 percent to 99.55 per dollar. Copper rose a second day.The Olympics will spur construction and help overcome deflation, Japan’s Prime Minister Shinzo Abe said yesterday, before data today showed the economy expanded more than initially estimated. Chinese exports grew more than economists projected last month, while a smaller-than-expected increase in U.S. nonfarm payrolls alleviated concern over the potential size of Federal Reserve stimulus reductions.

Read More: www.bloomberg.com/news/2013-09-08/asian-futures-rise-as-olympics-sinks-yen-while-gold-falls.html