Asian Stocks Snap Four-Day Loss as IMF to Raise Forecast

Asian stocks rose, with the regional benchmark gauge on course for the first gain in five days, as the International Monetary Fund said it will raise its global economic growth forecast and the U.S. trade deficit narrowed.

Seven & I Holdings Co. jumped 4.5 percent in Tokyo after the supermarket chain’s operating profit beat analyst estimates. China Oilfield Services Ltd., a unit of the nation’s biggest offshore energy company, gained 1.3 percent in Hong Kong after saying it plans to raise HK$5.88 billion ($758 million) through a private sale of new shares. Nintendo Co., the maker of Wii U game consoles, jumped 7 percent in Tokyo after China lifted a 13-year ban on gaming machines.

The MSCI Asia Pacific Index advanced 0.6 percent to 139.28 as of 10:47 a.m. in Tokyo after closing yesterday at the lowest level since Dec. 19. More than three stocks rose for each that fell on the measure.

Japan’s Topix (TPX) index gained 1 percent. South Korea’s Kospi index and Australia’s S&P/ASX 200 Index were little changed, while New Zealand’s NZX 50 Index gained 0.4 percent.

Hong Kong’s Hang Seng Index (HSI) increased 0.6 percent and the Hang Seng China Enterprises Index of mainland shares traded in the city, also known as the H-share index, added 0.2 percent. China’s Shanghai Composite Index rose 0.3 percent.

(Source: Bloomberg)