Asian Stocks Swing From Gain, Loss on Health Care, Miners

Asian stocks swung between gains and losses as health care companies rose while materials producers fell. Japanese shares climbed as the yen weakened.

BHP Billiton Ltd., the world's biggest mining company, fell 1 percent in Sydney as it headed for its lowest close since July 22. Alfresa Holdings Corp. gained 3.7 percent in Tokyo to lead health care stocks higher. Mazda Motor Corp., which gets 30 percent of sales in North America, added 2.9 percent as the yen slid for a third day on optimism the U.S. government will avoid default.

The MSCI Asia Pacific Index rose 0.1 percent to 139.16 as of 10:32 a.m. in Tokyo after falling as much as 0.2 percent. U.S. House Republican and Senate Democratic leaders are open to a short-term increase in the debt limit, said congressional aides of both parties who spoke on condition of anonymity.

"The market obviously is expecting the gridlock to be resolved," said Donald Williams, Sydney-based chief investment officer at Platypus Asset Management Ltd., which oversees about A$1.6 billion ($1.5 billion). "But having said that, I think the market is uncertain until this is resolved, and so we've got choppy trading conditions ahead for the next week or so."

Japan's Topix index added 0.7 percent, extending yesterday's 1.5 percent gain, the most since Sept. 19. The nation's machinery orders rose more than expected in August, data showed today.

Regional Gauges

South Korea's Kospi index climbed 0.2 percent as markets reopened following a holiday. New Zealand's NZX 50 Index gained 0.3 percent. Australia's S&P/ASX 200 Index fell 0.2 percent even as data showed the nation's unemployment rate expectedly dropped in September.

Futures on the Standard & Poor's 500 Index climbed 0.3 percent. The measure rose 0.1 percent yesterday amid signs that lawmakers could raise the debt ceiling and on optimism Janet Yellen won't rush to withdraw stimulus if she becomes Federal Reserve chief.

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President Barack Obama nominated Yellen, the current Fed vice chairman and an architect of its stimulus program, to succeed Ben S. Bernanke as central bank chairman. Most Federal Reserve policy makers said they were likely to reduce the pace of bond purchases this year, according to minutes released yesterday of their last meeting, which took place before the U.S. government partial shutdown started.