Asian stocks advance as US interest rate hike odds decline

By BLOOMBERG

Asian shares outside Japan extended gains for a fourth day as U.S. Federal Reserve meeting minutes reduced the odds of another interest-rate increase.

The MSCI Asia Pacific Index added 0.5 percent to 159.85 as of 4:28 p.m. in Hong Kong, set for its best week in about a month. Tencent Holdings Ltd. surged to a record, boosting a gauge of technology stocks to its biggest advance in five weeks. Japan’s Topix closed lower for its eighth day of declines in 10 days, as the yen strengthened against the dollar and the nation reported a second-straight trade surplus. Indonesia is closed for a holiday.

“Confidence is generally returning as investors see a stronger showing of earnings from companies,” said Ang Kok Heng, chief investment officer at Phillip Capital in Kuala Lumpur. “Sentiment for Asian stocks has also been boosted by the uncertainty of the timing for the next rate hike.”