Asian Stocks Outside Japan Gain Fourth Day Before Yellen Speech

A gauge of Asian stocks outside Japan rose, extending gains into a fourth day and heading for a two-week high, before Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy.

Zijin Mining Group Co. (2899), China’s biggest gold producer, jumped 3.7 percent in Hong Kong as the bullion’s price in Shanghai rallied to the highest this year. Australia & New Zealand Banking Group Ltd., Australia’s third-largest bank by market value, rose 2.2 percent after posting a 13 percent jump in first-quarter cash profit. Cochlear Ltd. sank 9.8 percent in Sydney after reporting first-half results and a second-half estimate that suggest the maker of hearing implants will miss its full-year profit forecast.

The MSCI Asia Pacific excluding Japan Index advanced 0.6 percent to 447.29 as of 9:41 a.m. in Hong Kong. The regional gauge has climbed 2.8 percent from a five-month low on Feb. 5 as equities rebounded from a global rout. Yellen will speak on monetary policy and the outlook for the economy today for the first time since being sworn in as the central bank’s head. Japanese markets are closed for a holiday.

The gauge of Asia-Pacific equities outside Japan dropped 5.2 percent in January for its worst start to a year since 2010 amid concern about the Fed’s stimulus cuts, China’s slowdown and volatility in developing markets. Global equity losses in 2014 peaked at $3 trillion on Feb. 4 and have since narrowed to $1.6 trillion, data compiled by Bloomberg show.

(Source: Bloomberg)