SoftBank Corp. climbed 2.9 percent in Tokyo as telecommunication shares led gains, with all 10 industry groups on the regional benchmark advancing. Nissan Motor Co. added 1.2 percent as the yen yesterday posted its steepest decline since Jan. 14, boosting exporters. GCL-Poly Energy Holdings Ltd., the world’s largest maker of polysilicon used for solar panels, surged 3.1 percent in Hong Kong after Trina Solar Ltd. said it expects shipments of solar modules to soar on surging demand.

The MSCI Asia Pacific Index rose 0.9 percent to 138.01 as of 9:42 a.m. in Hong Kong. The Standard & Poor’s 500 Index yesterday jumped 1.5 percent to a record, the biggest one-day gain this year. Russian President Vladimir Putin said yesterday that he’s not considering taking control of the Black Sea region of Crimea and would send troops into Ukraine only in extreme circumstances. China set a growth target of 7.5 percent today as an annual meeting of Communist Party officials begins.

“My sense is that this isn’t going to be the thing that takes down the bull market,” Mark Matthews, Singapore-based head of Asia research for Julius Baer, which oversees about $377 billion, said on Bloomberg TV, referring to the Ukraine crisis. “At the margin you have positive developments in China. I don’t see a lot to complain about right now.”

Japan’s Topix index climbed 1.1 percent. New Zealand’s NZX 50 Index rose 0.7 percent, extending gains from its highest-ever close. Australia’s S&P/ASX 200 Index (AS51) advanced 0.6 percent after gross domestic product topped estimates. South Korea’s Kospi index added 1 percent. Futures on the S&P 500 slid 0.1 percent.

China Shares

Hong Kong’s Hang Seng Index advanced 0.6 percent and the Hang Seng China Enterprises Index of mainland companies listed in the city rose 0.7 percent. China’s Shanghai Composite Index swung between gains and losses as concern the regulator may approve initial public offerings this month overshadowed the government’s economic growth targets. Taiwan’s Taiex Index rose 1 percent and Singapore’s Straits Times Index advanced 0.2 percent.

The MSCI Asia Pacific Index traded at 12.9 times the estimated earnings of its constituent companies yesterday, compared with 15.9 for the S&P 500 and 14.6 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.

China Growth

China’s growth target was given in a work report that Premier Li Keqiang will deliver today in Beijing. Maintaining expansion close to last year’s 7.7 percent would help sustain demand for oil and iron ore and support a global economy that’s forecast by the International Monetary Fund to accelerate. At the same time, analysts from UBS AG to Societe Generale SA say a lower goal would’ve been more in keeping with the government’s pledge to move away from growth at all costs. The inflation target is 3.5 percent.

“I feel like an important decision has been made in China,” said Julius Baer’s Matthews. “They have chosen to focus on quality over quantity.”

The annual gathering brings together businessmen and officials for about two weeks of discussion. The National People’s Congress comes as leaders pledge to give markets a “decisive” role in the economy and is the first to be overseen by President Xi Jinping and Premier Li.

Investors will be watching the meeting for clues to the next steps to fix local-government finances, charge market prices for natural resources, rein in shadow-banking risks, free up deposit rates and open up state businesses to private investment.

Ukraine, a former Soviet republic, has been plunged into turmoil since protesters forced the ouster of the president last month. Russia keeps its Black Sea fleet in Crimea, where the majority language is Russian. Troops in the region have only been securing their bases and gunmen who have seized crucial infrastructure and surrounded military installations in the Crimea are acting independently, Putin said yesterday.

To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net

To contact the editor responsible for this story: Sarah McDonald at smcdonald23@bloomberg.net

http://www.bloomberg.com/news/2014-03-05/asian-stocks-rise-as-easing-ukraine-concern-weakens-yen.html

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