SYDNEY (Bloomberg) - Most Asian stocks advanced as the yen held near a 12-year low against the U.S. dollar after data showed growth in U.S. manufacturing.
About five shares rose for every three that fell on the MSCI Asia Pacific Index, which slipped 0.1 per cent to 150.98 as of 9:02 a.m. in Tokyo. U.S. output expanded more than forecast in May as orders rose at the fastest pace in five months, while construction spending beat estimates. The reports are the latest in a slew of data due this week that the Federal Reserve will weigh to determine when to raise interest rates. Japan's Topix index climbed for a 13th day with the yen at 124.83 per dollar.
"This data gives comfort to a recovery in the second quarter and shows it's stabilizing," Tony Farnham, Sydney-based strategist at Patersons Securities Ltd., said by phone. "There's moderate growth now in the U.S. economy, which gives the Fed an opportunity to take some of the steps to getting monetary policy back to a more normal level."
The Shanghai Composite Index, which is yet to open, led gains across the region Monday, climbing 4.7 per cent and extending its advance this year to 49 percent after an official manufacturing gauge showed a third month of expansion.
The Topix added 0.1 per cent. Australia's S&P/ASX 200 Index rose 0.2 per cent, with economists forecasting the Reserve Bank of Australia will keep its record-low 2 percent benchmark unchanged Tuesday. South Korea's Kospi index climbed 0.2 per cent. New Zealand's NZX 50 Index gained 0.4 per cent.
Futures on Hong Kong's Hang Seng Index slid 0.2 per cent and contracts on the Hang Seng China Enterprises Index of mainland firms listed in the city declined 0.5 per cent in most recent trading. Both underlying gauges have climbed more than 16 per cent this year, compared with an advance of 9.6 per cent gains on the MSCI Asia Pacific Index. FTSE China contracts traded in Singapore were down 0.3 per cent.
E-mini futures on the Standard & Poor's 500 Index added 0.1 per cent. The underlying measure rose 0.2 per cent on Monday after growth in the Institute for Supply Management's factory index outweighed data showing consumer spending stalled.