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Asian stocks rise as crude oil extends rally, Asia Pacific Index climbs 0.7pc

Asian stocks rise as crude oil extends rally, Asia Pacific Index climbs 0.7pc

ROME: Asian stocks surged with the regional index headed for its three-day advance in almost two months, as commodity shares hiked due to an enlarged rally in Brent oil. The dollar remained two years high against euro.
The MSCI Asia Pacific Index climbed 0.7 percent by 1:49 p.m. in Tokyo, bringing its gain since Dec. 18 to 3.1 percent. Australia’s S&P/ASX 200 Index (MXAP) jumped 1.7 percent and China’s benchmark stock index surged to a four-year high. Standard & Poor’s 500 Index futures were little changed. Crude rose for a second day. Indonesia’s rupiah headed for its longest rally since February and ruble forwards strengthened. Yields on 10-year Japanese debt fell to the lowest level since April 2013.
The Federal Reserve said last week that it would be patient over interest-rate increases, while signaling borrowing costs could be raised as early as April, spurring a surge in global stocks and declines in U.S. Treasuries. The Bank of England releases minutes of its last meeting today, while data tomorrow may show U.S. growth was faster than initially estimated last quarter. Saudi Arabia’s oil minister said he’s is confident crude prices will rebound as demand recovers.