Asian Stocks Outside Japan Advance After China’s Lending Data

Asian stocks outside Japan gained, with a regional gauge heading for an almost three-week high, after a report showing China’s new credit increased to a record in January. Japan’s Topix index fell after the nation’s economic growth missed estimates and the yen strengthened.

Rio Tinto Group (RIO), a mining company that gets about 32 percent of sales from China, rose 1.6 percent in Sydney. Newcrest Mining Ltd., Australia’s biggest gold producer, advanced 3.2 percent as bullion’s price rose to a three-month high. Rakuten Inc., a online retailer controlled by billionaire Hiroshi Mikitani, dropped 9.5 percent in Tokyo after announcing plans buy the Viber Internet messaging and calling service for $900 million.

The MSCI Asia Pacific excluding Japan Index added 0.3 percent to 457.27 as of 9:54 a.m. in Tokyo. The measure climbed 2.7 percent last week as trade data from China beat estimates and Janet Yellen’s first official address as head of the Federal Reserve buoyed optimism about the U.S. economy. The broader MSCI Asia Pacific Index rose 0.1 percent to 135.31, paring gains of as much as 0.5 percent.

(Source: Bloomberg)