Published On: Thu, Jun 30th, 2016

Asia Stocks Rise as Global Rebound Gains Speed After Brexit Rout

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Asian stocks climbed for a second day to track a global rebound, as anxiety over the economic fallout from the U.K. leaving the European Union diminished amid speculation central banks will support financial markets.

The MSCI Asia Pacific Index advanced 0.7 percent to 128.63 as of 9:06 a.m. in Tokyo, after jumping 1.8 percent on Wednesday. The gauge has pared its monthly loss to 0.5 percent. Markets are regaining momentum after being roiled by last week’s U.K. vote to leave the EU. A gauge of global equities posted its steepest two-day gain since August as central banks around the world signaled a readiness to act if required in the aftermath of the so-called Brexit.

Japan’s Topix index increased 1.2 percent as the yen was little changed at 102.82 to the dollar. South Korea’s Kospi index rose 0.7 percent, bringing its weekly gain to 2.3 percent. Australia’s S&P/ASX 200 Index added 0.5 percent. New Zealand’s S&P/NZX 50 Index climbed 1.1 percent. Markets in China and Hong Kong have yet to start trading.

Source: Bloomberg

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