Asian stocks rose, with the regional benchmark index extending its first weekly gain in seven weeks, after U.S. earnings beat estimates and data signaled stronger European growth.
The MSCI Asia Pacific Index (MXAP) advanced 0.5 percent to 137.72 as of 9:01 a.m. in Tokyo. The measure is heading for a 3 percent weekly advance after entering a correction last week.
“We are getting good earnings data out of the U.S.,” said Tim Schroeders, a portfolio manager who helps oversee $1 billion in equities at Pengana Capital Ltd. in Melbourne. “The market seems to be moving from one data point to the next data point without conviction and there’s a lot of volatility.”
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