Asian stocks rose, sending the regional benchmark index to its longest winning-streak since February, on optimism Greece will avoid default and after U.S. manufacturing unexpectedly expanded at a faster pace in June, lessening risk for bank earnings and exports.
Mitsubishi UFJ Financial Group Inc. (8306), Japan's largest publicly traded bank, rose 1.5 percent in Tokyo. Toyota Motor Corp. (7203), the world's No. 1 carmaker by market value, gained 0.9 percent. Samsung Electronics Co., an electronics maker that gets about 42 percent of sales from the U.S. and Europe, increased 2.5 percent in Seoul.
"The most negative fears about global growth have been soothed in the past 24 hours," said Stephen Halmarick, Sydney- based head of investment markets research at Colonial First State Global Asset Management, which oversees about $150 billion. "Events in the U.S. and Greece were weighing on global growth expectations and risk appetite, but the U.S. data was reasonable and Greece has passed a major hurdle."
The MSCI Asia Pacific Index gained 0.3 percent to 135.44, as of 12:05 p.m. in Tokyo, set for its highest close since June 1. About seven stocks rose for every four that dropped on the measure. Through yesterday, the gauge tumbled 4.2 percent from this year's high on May 2, amid concern a slowing U.S. economy, Europe's sovereign debt crisis and China's steps to curb inflation will crimp earnings.
China, Japan Data
Japan's Nikkei 225 (NKY) Stock Average gained 0.5 percent after the country's largest manufacturers said they plan to boost capital spending this fiscal year at almost twice the pace forecast by economists. South Korea's Kospi Index climbed 1 percent. Australia's S&P/ASX 200 Index lost 0.6 percent.
China's Shanghai Composite Index added 0.2 percent. The gauge earlier dropped as much as 0.3 after an index of Chinese manufacturing dropped to the lowest level since February 2009 in June, indicating Premier Wen Jiabao's campaign to tame inflation has damped growth in the world's second-biggest economy. Markets in Hong Kong are closed for a holiday.
Futures on the Standard & Poor's 500 Index fell 0.1 percent today. The index advanced 1 percent yesterday after Greek lawmakers authorized an austerity plan required to keep rescue aid flowing.
Stocks rose across the region this week, with the benchmark MSCI Asia Pacific Index headed for a 2.4 percent gain, as Euro- area finance ministers moved closer to giving Greece another aid payment and German banks agreed to roll over their Greek bond holdings, giving the country more time to pay its debts.
German Rollover
Shares of financial companies advanced amid speculation a resolution to the Greek crisis would help lower costs for banks relying on debt markets for funding. Mitsubishi UFJ gained 1.5 percent to 396 yen in Tokyo. Sumitomo Mitsui Financial Group Inc. (8316), Japan's second-biggest publicly traded bank by market value, increased 1.3 percent to 2,499 yen.
Exporters climbed after a gauge of U.S. manufacturing unexpectedly improved and confidence among consumers in the world's biggest economy rose to the highest level in 10 weeks. Toyota added 0.9 percent to 3,330 yen in Tokyo. Samsung Electronics, the world's second-largest maker of mobile phones by sales, climbed 2.5 percent to 847,000 won in Seoul.
HTC Corp. (2498), a Taiwanese smartphone manufacturer that gets about half its sales from America, increased 2.8 percent to NT$993. The maker of handsets that run Google Inc.'s Android operating system yesterday said it's "on track" to meet its second-quarter guidance. Shares fell earlier this week amid speculation the company would miss a shipment target.
The MSCI Asia Pacific Index lost 2 percent this year through yesterday, compared with a gain of 5 percent by the S&P 500 and a drop of 1.1 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.8 times estimated earnings on average, compared with 13.4 times for the S&P 500 and 11.1 times for the Stoxx 600.
To contact the reporters on this story:
Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Shani Raja in Sydney at sraja4@bloomberg.net.
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.
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