Asian stocks rose for the first time in four days amid a rally in telecommunication shares and as investors weighed prospects for stimulus after China’s economic growth slowed to the weakest pace in six quarters.
South Korea’s government said at least 100 people remain unaccounted for and the total may be far greater, almost seven hours after rescuers began aiding survivors of a ferry that sank en route to a holiday resort.
European stocks rose the most in three weeks as investors weighed earnings reports and awaited data that may show American housing and industrial activity increased. U.S. index futures and Asian shares climbed.
Gold retreated for a second day, extending the biggest drop in three weeks, on prospects for further cuts to the Federal Reserve’s stimulus program as the U.S economy shows signs of recovery. Silver fell.
The yen fell against all but one of its 16 major peers and the Australian dollar erased an earlier loss after data showed China’s economic growth slowed less than forecast, spurring demand for higher-yielding assets.
Nguyen Duc Kien, a founder of Asia Commercial Bank, pleaded not guilty to fraudulently taking assets, tax evasion and other crimes that partly caused losses the Vietnamese lender estimates at 8.67 trillion dong ($411 million).