Asian stocks advanced for a second day, while regional bond risk declined and the yen tumbled to an 11-month low after the Federal Reserve bolstered confidence in the U.S. financial system and raised its economic assessment.
The MSCI Asia Pacific Index (MXAP) climbed 1.1 percent as of 11:20 a.m. in Tokyo. Standard & Poor’s 500 Index futures slipped 0.1 percent after the equity gauge jumped 1.8 percent yesterday. The dollar strengthened against 15 of its 16 major peers and the yen fell 0.3 percent. Bonds yields in Japan and South Korea gained. Gold advanced 0.1 percent.
Gold hits 3-1/2 week high
Gold hit a 3-1/2 week high on Thursday and silver rose nearly 3 percent as escalating tensions in the Middle East knocked stocks and the dollar and drove investors into assets viewed as lower risk, s
$67m compensation for Almarai
Saudi Arabia's Almarai, the Gulf's largest dairy company, received 250 million riyals ($66.7m) from an insurer in compensation for a fire at one of its bakeries, it said yesterday.
$205m raised from sukuk by HSBC unit
The Malaysian Islamic banking arm of HSBC Holdings has raised 750 million ringgit ($205m) from the sale of five-year Islamic bonds (sukuk) at a yield of 4.24 per cent, IFR reported yesterday.