Bloomberg News
Asian stocks rose, with the regional index headed for a one-week high before the Bank of Japan reports on monetary policy. Copper and nickel advanced, while Brent crude oil resumed its decline.
The MSCI Asia Pacific Index gained 0.4 percent by 9:19 a.m. in Tokyo, as Japan's Topix Index rose a second day, climbing 0.7 percent. Standard & Poor's 500 Index (SPA) futures were little changed following a 0.5 percent advance in the U.S. benchmark. Copper and nickel advanced 0.2 percent in London, while gold added 0.1 percent after posting its biggest one-day drop since 2013 last session. Brent crude dropped 0.2 percent to $106.80 a barrel, falling for the 10th time in 12 days.
BOJ Governor Haruhiko Kuroda delivers the bank's policy statement today, with officials projected to keep stimulus at current levels. Minutes of the Australian central bank's last meeting are also due, along with U.K. inflation and German investor confidence. In the U.S., Federal Reserve Chair Janet Yellen addresses senators amid speculation over the outlook for interest rates. drove U.S. gains after posting better-than expected trading revenue amid a week of bank earnings.
'Markets are expecting Chair Yellen to maintain her cautious stance, but some acknowledgment of the progress in employment and inflation toward Fed goals will be required,' Mark Smith, a senior economist in Auckland at ANZ Bank New Zealand Ltd., wrote in a client note today. 'The BOJ today is not expected to change policy. Markets believe the BOJ will be forced to act later this year, so would react to any sign of this.'
Monetary Base
Japanese policy makers will keep their monetary base target at 270 trillion yen ($2.7 trillion) today, according to all 35 economists polled by Bloomberg. In a survey conducted July 3-9, 32 percent of economists forecast the BOJ will expand monetary stimulus Oct. 31, down from 33 percent in a survey completed last month.
Australia's S&P/ASX 200 Index rose 0.2 percent in a fourth day of gains, while Kospi index in South Korea jumped 0.9 percent, set for the highest close since July 3. Markets in Malaysia are closed for a holiday today.
To contact the reporter on this story: Emma O'Brien in Wellington at eobrien6@bloomberg.net
To contact the editors responsible for this story: Emma O'Brien at eobrien6@bloomberg.net John McCluskey
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