SINGAPORE — Asian stocks rose for a fourth day, with the regional benchmark index extending a six-year high, before the Federal Reserve updates markets on monetary policy today and as the US and European Union strengthened sanctions against Russia.
Honda Motor Co climbed 3.1% in Tokyo after the carmaker raised its profit forecast to the highest in seven years. Oversea-Chinese Banking Corp gained 1.6% as it prepares to take Hong Kong’s Wing Hang Bank Ltd private after shareholders accepted its $5-billion takeover offer. Hyundai Heavy Industries Co tumbled 9.5% after South Korea’s biggest shipbuilder reported a wider-than-expected second- quarter loss.
The MSCI Asia Pacific Index added 0.3% to 149.88 as of 4.08pm in Hong Kong, with seven of its 10 industry groups rising. The gauge climbed 2.6% this month through yesterday, when it closed at the highest level since June 2008, as a gauge of Chinese manufacturing added to signs Asia’s biggest economy is stabilising and earnings at companies including Nissan Motor Co and Fanuc Corp beat estimates.
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