Asia’s benchmark stock index is poised for a second weekly advance after Japan’s Topix Index closed at the highest level since 2008 as leasing companies rallied on a report Prime Minister Shinzo Abe will encourage the practice as part of his growth strategy.
WorleyParsons Ltd., Australia’s largest oil and gas engineering company, plunged the most in four and a half years after cutting its earnings forecast following lower resource spending in Australia and Canada.
PetroChina Co., Asia’s biggest oil and gas producer, dropped a bid to acquire WestSide Corp. as a strong Australian dollar and rising costs discourage resources projects in the country, the Brisbane-based explorer said.
Grain growers in Western Australia, the country’s second-biggest wheat producer last year, are set to accelerate planting of winter crops after rain this week boosted soil moisture, according to CBH Group.
The Reserve Bank of Australia cut its inflation outlook and reiterated its forecast for “below trend” growth this year, driven by an elevated currency, a crest in resource investment and fiscal tightening.