Asian Stocks Rebound With Japan as Investors Turn to CPI Data

(Bloomberg) -- Asia’s benchmark equity index rebounded with Japanese shares as investors turned their focus to U.S. inflation data expected later Tuesday -- the last major piece of data that may give clues on the pace of policy tightening ahead of the Federal Reserve’s meeting next week.

The MSCI Asia Pacific Index added 0.2 percent as of 4:22p.m. in Hong Kong for its fourth day of gains -- after posting its biggest single day gain in 16 months Monday -- with gauges of real estate and technology companies leading the advance. Japan’s Topix index rose 0.6 percent, reversing early losses and the yen weakened as investors weighed the impact of a land-sale scandal entangles Prime Minister Shinzo Abe, his wife and the finance minister. After a strong start on Hong Kong’s Hang Seng Index, the benchmark closed flat.

“Once again, we are staring in the face of the CPI event risk and positioning ahead of the release in US equity indices certainly reflected some degree of cautiousness,” writes Jingyi Pan, a market strategist at IG Asia Pte. in a note.


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