Asian stocks advanced as investors weighed what Federal Reserve Chairman Ben S. Bernanke will do to support economic growth. Nasdaq-100 Index futures slid after Apple Inc. Chief Executive Officer Steve Jobs resigned and the yen climbed for the first time in five days against the euro.
The MSCI Asia Pacific Index rose 1.1 percent at 12 p.m. in Tokyo. Standard & Poor’s 500 Index futures slipped 0.2 percent and Nasdaq contracts dropped 0.8 percent. Treasury 10-year notes snapped three days of losses. The yen strengthened 0.2 percent to 110.75 per euro, while the dollar climbed against the majority of its most-actively traded peers. Gold fell 0.4 percent, extending a two-day, 7.3 percent plunge.
U.S. data yesterday showed orders for durable goods climbed more than forecast, while a report tomorrow may show the economy grew less last quarter than previously estimated. Investors are awaiting a speech by Bernanke in Jackson Hole, Wyoming, tomorrow for any indications on whether the central bank will embark on further stimulus measures. Apple sank 5.1 percent in extended trading, while Samsung Electronics Co. and HTC Corp. (2498) paced a rally among its Asian competitors.
“The latest U.S. data shows it’s not all doom and gloom,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne. “I’m not expecting QE3 to be announced at Jackson Hole, but it may well happen later. It’s important for the Fed to retain some degree of policy flexibility against a backdrop of lower-for-longer official interest rates,” he said, referring to the Fed’s asset-purchase program, known as quantitative easing
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