The MSCI Asia Pacific Index advanced 1 percent as of 11:01 a.m. in Tokyo, led by exporters. The gauge is poised for its biggest two-day gain in five weeks. Standard & Poor's 500 Index futures were little changed after the benchmark climbed 1.6 percent yesterday. Copper gained 0.8 percent to $7,793 a metric ton in London. The euro lost 0.2 percent to $1.279.
European leaders will do "everything necessary" to keep Greece in the 17-nation euro and focus on steps to aid economic expansion, German Finance Minister Wolfgang Schaeuble said yesterday. Regional officials are due to meet in Brussels tomorrow. China plans to speed up approval of infrastructure projects and allocate construction funding faster to improve growth, the China Securities Journal reported.
"Markets are trading on hopes for improvement on both fronts," said Dariusz Kowalczyk, a strategist in Hong Kong at Credit Agricole CIB. "Concrete evidence of things moving in the right direction will be needed to maintain the gains."
Almost five stocks rose for each one that dropped in the MSCI Asia Pacific Index. A gauge of industrial companies led gains among 10 groups with a 1.8 percent advance. The Hang Seng China Enterprises Index rallied 1.8 percent, the most in five weeks, and the Nikkei 225 Stock Average gained 1 percent.
Investors were encouraged by weekend statements from the Chinese premier, who promised to spur growth in the world’s second-largest economy, a shift from previous rhetoric about curbing inflation. Gains on Wall Street after a week in the doldrums also lifted sentiment.
Japan’s Nikkei 225 index rose 1 percent to 8,722.46 and Hong Kong’s Hang Seng added 1 percent to 19,117.54. South Korea’s Kospi climbed 1.2 percent to 1,821.62.
Recent renewed efforts to prevent nearly bankrupt Greece from sliding into default and exiting the euro currency union have also provided a slight relief to traders.
A weekend summit in Washington among leaders of the world’s major advanced economies provided little in the way of tangible results. But the G-8 countries issued a statement affirming their desire for Greece to remain in the euro, raising hopes of decisive action to prevent an exit.
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