Asian Stocks Rise on Dubai World Report; Copper, Oil Decline
Asian stocks rose, reversing an earlier decline, amid speculation Dubai World will be able to fix its finances. Copper fell on concern increasing stockpiles may signal slowing global demand.The MSCI Asia Pacific Index rose 0.2 percent to 118.58 as of 3 p.m. in Tokyo, after falling 0.7 percent earlier. Five stocks rose for every four that declined. Copper for three-month delivery dropped 0.2 percent to $7,3165.75 a metric ton, down from $7,450 a ton on Feb. 19, the highest price since Jan. 26. Oil declined below $80 a barrel. Futures for the Standard & Poor’s 500 stock index rose 0.1 percent.
Stocks rallied after the Al-Ittihad newspaper reported that Dubai’s government had allocated 18.3 billion dirhams ($5 billion) to Dubai World. The report didn’t reflect a new development, a spokeswoman of the emirate’s Department of Finance said. Concerns over budget deficits in Europe had contributed to the MSCI Asia Pacific’s 6.4 percent drop from a 17-month high on Jan. 15.
Original post credit: Bloomberg