Asian stocks rose for the first time this week as a two-day holiday in China gave investors respite from the market that’s been at the center of recent global volatility. Australia’s dollar weakened toward a six-year low after retail sales unexpectedly fell.
Japanese shares advanced from a one-week low, aided by weakness in the yen. Standard & Poor’s 500 Index futures were little changed after U.S. and European stocks rallied. The Aussie dropped with the nation’s equities as the contraction in retail overshadowed an increase in exports. Oil retreated after President Barack Obama secured congressional support for a deal with Iran that may add to a global glut.
“One modest positive today is the fact China is offline for its Victory Day commemorations,” said Chris Weston, Melbourne-based chief markets strategist at IG Ltd. “So traders and investors will be focused on domestic data, valuations and trying to understand how to navigate these crazy markets.” Read more