Asian Stocks Climb as Chance Appetite Returns Following FBI Statement

Asian stocks rose following the Federal Bureau of Investigation reaffirmed its see that Hillary Clinton’s handling of her e-mails as secretary of state wasn’t a crime. Hong Kong developers tumbled after city’s government took ways to neat the world’s least affordable house industry.
The MSCI Asia Pacific Index climbed 0.five percent to 137.4 as of 4:01 p.m. in Hong Kong, set for the initially advance in 4 days and the largest considering that Oct. 18. Japan’s Topix index additional one.two % as the yen fell one.3 percent against the dollar, although New Zealand’s S&P/NZX50 Index had its most significant gain considering that 2011 soon after entering a correction last week. The Asian share gauge had dropped to the past two weeks and the S&P 500 Index had posted the longest streak of declines since 1980 as Clinton’s lead over Donald Trump narrowed in most polls after the FBI reopened a probe into an unauthorized e-mail server.
“We’re seeing a risk-on rally, looking at the currency movements,” said James Woods, a strategist at Rivkin Securities in Sydney. “If Clinton widens her lead again, that will be very positive to the market place. It will be good to get the U.S. elections out of the way so investors can focus on earnings and also the economy.”
The FBI said it’s sticking with its view that Clinton’s handling of e-mails during her tenure as secretary of state wasn’t a crime following reviewing new communications potentially related to the Democratic candidate, director James Comey said in a letter to Congress dated Sunday in the U.S. The statement came just over a week right after Comey said the bureau was looking into more e-mails.
The Hang Seng Index gained 0.8 percent even as real estate companies fell following Hong Kong Chief Executive Leung Chun-ying raised the stamp duty for all residential purchases, apart from first-time buyers who are permanent residents, after markets closed on Friday. Louis Chan, chief executive of the residential unit of Centaline Property Agency Ltd., said he sees transaction volumes plunging by 60 percent to 70 percent in the next three months.
Game Changer

Political chance may also weigh on Hong Kong shares this week. China’s National People’s Congress Standing Committee ruled on Monday that Hong Kong people who advocate independence can’t hold public office, according to a document published by the official Xinhua News Agency, a rare intervention that lawyers and democracy advocates have warned could undermine the courts and spark unrest. The decision by the committee represented only its second unilateral interpretation of Hong Kong law considering that the former British colony was returned to China almost two decades ago.
“Hillary’s improving prospects will provide a short-term boost to Hong Kong stocks,” said Hao Hong, chief strategist at Bocom International Holdings Co. in Hong Kong. “In the longer term, the stamp duty increase as well as NPC interpretation of Hong Kong law will have a negative impact outweighing any sentiment rebound triggered by U.S. election news. The stamp duty is a big game changer for Hong Kong’s property market place."
Australia’s S&P/ASX 200 Index climbed 1.4 %, its biggest advance because July 11. Taiwan’s Taiex index rose 1.three percent, the most due to the fact Sept. 19. India’s S&P BSE Sensex measure increased one % and South Korea’s Kospi index extra 0.8 percent. New Zealand’s S&P/NZX 50 Index closed two.4 % higher, Singapore’s Straits Times Index rallied 0.7 percent and Thailand’s SET Index was up one percent. The Shanghai Composite Index gained 0.3 percent, reversing earlier losses of as much as 0.3 percent.
Suzuki Motor Corp. jumped 7.2 percent in Tokyo, pacing gains among Japanese exporters seen benefiting from a weaker yen, soon after raising its full-year operating profit forecast 11 % to 200 billion yen ($1.9 billion). HSBC Holdings Plc rose two.4 % in Hong Kong following the British lender posted third-quarter profit that beat analysts’ estimates. Sun Hung Kai Properties Ltd. tumbled 9.8 %, leading losses among Hong Kong developers.
Indonesian GDP
Indonesia reported third-quarter gross domestic product increased five.02 % from a year earlier, less than a revised 5.19 % in the previous three months as well as the median estimate for five.08 percent expansion. The Jakarta Composite Index rose 0.two percent. The Philippine Stock Exchange Index was the only decliner in Asia, falling 0.four %, led by a 5.2 % drop in Globe Telecom Inc., which reported a 50 % drop in profit last quarter.
E-mini futures on the S&P 500 jumped one.three percent, the most because Sept. 12. The U.S. equity benchmark index dropped 0.2 % on Friday for a ninth day of declines, immediately after data showing progress in the American labor industry did little to soothe anxiety over the presidential election.
A report on Friday showed payrolls climbed by 161,000 last month following a 191,000 gain in September that was larger than previously estimated. Wages rose from a year earlier by the most since 2009, along with the jobless rate fell to 4.9 %. The figures are likely to keep the Fed on track to raise borrowing costs next month to the very first time in 2016.


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