China is here for regional steady growth. 
Asian stocks rose, with the regional index posting its biggest one-day gain in more than a week, after global equities rebounded and China kept its growth target unchanged. The yen held declines as concern over Ukraine eased while silver and rubber futures advanced.
The MSCI Asia Pacific Index climbed 0.8 percent by 9:17 a.m. in Tokyo, rising the most on a closing basis since Feb. 21 as shares from Japan to South Korea (KOSPI) and Australia jumped. Standard & Poor?s 500 Index futures dropped 0.1 percent following the gauge?s return to a record high. The yen traded at 102.24 per dollar after its steepest one-day decline since Jan. 14. Silver rose 0.3 percent while rubber added 1.2 percent. Australian government bonds retreated a second day.
China set an annual economic growth target of 7.5 percent, unchanged from 2013, according to the transcript of a report Premier Li Keqiang will give at an annual Communist Party meeting in Beijing today. Russia played down the risk of an immediate invasion of Ukraine yesterday, shifting the focus somewhat back to the global economy with gauges of services industries in China, India, the U.S. and Europe due today. Australia is projected to post faster growth for last quarter.
?The immediate future confirmation of a 7.5 percent growth target will be seen as a relief,? Ric Spooner, the Sydney-based chief analyst at CMC Markets, said by e-mail before details of the premier?s work report were released. Russia?s ?indication that military force would only be used in an extreme case saw a general risk-on scramble,? Spooner said.
Topix Jumps
Japan?s Topix Index gained 1.5 percent, while the Kospi Index in Seoul added 1.1 percent. Australia?s S& P/ASX 200 Index climbed a second day, gaining 0.8 percent to be headed for the highest close since June 2008. New Zealand?s NZX 50 Index gained 0.8 percent to a record high.
The MSCI All-Country World Index of global stocks jumped to a more-than six-year high yesterday, rallying 1.3 percent.
The yen was little changed at 140.46 per euro after sliding 0.8 percent yesterday to all but erase the previous day?s advance. The South Korean won jumped 0.5 percent to 1,068.30 per dollar after the currency ended yesterday down 0.3 percent. The Malaysian ringgit gained 0.1 percent and one-month non-deliverable forwards on the Indonesian rupiah strengthened 0.2 percent.
Australian (GACGB10) 10-year government bonds yielded 4.06 percent, up five basis points after rates slid to the lowest level on a closing basis since October on March 3. The yield on 10-year U.S. Treasury notes was little changed at 2.69 percent after rising 10 basis points in New York, the most since Nov. 8.
Gold was steady at $1,336.34 an ounce, after sliding the most in more than a month yesterday, down 1.2 percent. Platinum snapped a two-day gain, falling 0.4 percent.
West Texas Intermediate crude oil was little changed at $103.33 a barrel after sliding 1.5 percent from a five-month high yesterday. Natural gas futures lost 0.8 percent in early trading following yesterday?s 3.9 percent jump on forecasts for below-normal March temperatures in the U.S. that would stoke demand for the heating fuel.