Golden Fibonacci

Jan. 7 (Bloomberg) — Asian stocks rose, lifting the MSCI Asia Pacific Index for a fifth day, as the improved outlook for the global economy drove up commodity prices.

Rio Tinto Group, the world’s third-largest mining company, added 0.9 percent in Sydney after metal prices in London gained the most in two months. Nippon Yusen K.K. jumped 4.6 percent after Morgan Stanley rated the stock “equal weight.” Samsung Electronics Co., Asia’s biggest semiconductor maker, lost 1.1 percent even after the company swung to profit from a year- earlier loss in the fourth quarter.

The MSCI Asia Pacific Index rose 0.5 percent to 124.72 as of 9:55 a.m. in Tokyo, with three stocks gaining for every two that declined. The gauge’s 4.1 percent advance in the past five trading days has driven its 14-day relative strength index to 69 today, nearing the 70 threshold some traders use as a sign to sell.

“Commodities are continuing their climb as anticipation strengthens of growing demand from a global economic recovery,” said Mitsushige Akino, who manages the equivalent of $450 million at Tokyo-based Ichiyoshi Investment Management Co. “The market is overheating after the recent rally.”

Japan’s Nikkei 225 Stock Average added 0.2 percent. The S&P/ASX 200 Index lost 0.1 percent in Sydney. New Zealand’s NZX 50 Index gained 0.3 percent as the country posted its smallest annual trade deficit since September 2002.

The MSCI Asia Pacific Index climbed 34 percent last year, the biggest annual gain since 2003, driving down its dividend yield to 2.1 percent. A gap between that yield and returns on 10-year U.S. Treasuries widened to the most since June 2008, according to data compiled by Bloomberg.

Futures on the Standard & Poor’s 500 Index were little changed. The gauge added 0.1 percent in New York yesterday. Some Federal Reserve officials last month debated an increase in asset purchases should the economy weaken and gave no sign they plan to lift interest rates anytime soon, according to minutes of their last meeting.

The International Monetary Fund will probably raise its forecast for global growth later this month, John Lipsky, the IMF’s first deputy managing director, said in a Bloomberg Radio interview yesterday. The IMF forecast in October the global economy will expand 3.1 percent this year.

The London Metal Exchange Index, a measure of six metals including copper and zinc, rose 3 percent yesterday to the highest level since August 2008. The advance was the most since Nov. 16.

Crude oil for February delivery surged to a 14-month high yesterday in New York, rising 1.7 percent, and gold rose 1.6 percent on speculation that the dollar will slip, boosting the appeal of the commodities as an alternative asset.

To contact the reporters for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net; Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net.