Asian stocks rose, lifting the regional benchmark index to its highest level since July 2008, as increasing commodity prices boosted raw material shares. Japanese exporters fell as the yen climbed against the dollar.
BHP Billiton Ltd., the world’s No. 1 mining company, advanced 0.5 percent in Sydney after copper prices reached a record and crude oil prices advanced. Cnooc Ltd., China’s largest offshore oil producer, climbed 0.8 percent in Hong Kong. Reliance Industries Ltd., owner of the world’s biggest refining complex, gained 1.3 percent in Mumbai. Canon Inc., the world’s biggest camera maker, sank 0.5 percent after the yen’s advance against the dollar soured its earnings outlook.
The MSCI Asia Pacific Index rose 0.9 percent to 135.5, the highest level since July 24, 2008, as of 7:46 p.m. in Tokyo. About three stocks gained for every two that fell. The gauge dropped 0.3 percent last week as concern grew that China’s central bank would raise interest rates. The bank instead increased lenders’ reserve ratio requirements.
“Fears of an interest rate increase in China have not come to fruition so far,” said Tim Schroeders, who helps manage $1 billion in Melbourne at Pengana Capital Ltd. “There’s a sense of relief in markets. This may be only temporary as Chinese authorities become increasingly concerned about the possibility of inflationary pressures undermining the economy’s longer-term growth prospects.”
Japan’s Nikkei 225 Stock Average gained 0.2 percent, while the broader Topix index rose 0.5 percent. Australia’s S&P/ASX 200 Index advanced 0.2 percent. South Korea’s Kospi Index climbed 0.6 percent, while Hong Kong’s Hang Seng Index rose 0.5 percent.
S&P 500 Futures
The Bombay Stock Exchange’s Sensitive Index, or Sensex, advanced 0.6 percent to its highest level in a week as inflation slowed, giving the central bank room to hold interest rates steady after the fastest increase of any Asian country this year.
Futures on the Standard & Poor’s 500 Index climbed 0.2 percent today. In New York, the index gained 0.06 point to 1,240.46, after rising as much as 0.5 percent, as the Senate started to vote on President Barack Obama’s tax-cut agreement with Republicans, and investors turned their attention to the Federal Reserve meeting on Dec. 14.
Material and energy stocks rose the most among the 10 industry groups represented on the MSCI Asia Pacific gauge. BHP Billiton, also Australia’s biggest oil producer, climbed 0.5 percent to A$45.65 in Sydney. Rio Tinto Group, the world’s third-largest mining company, gained 0.2 percent to A$87.90.
OZ Minerals Ltd., an Australian copper and gold mining company, jumped 5.8 percent to A$1.73, while in Seoul, Korea Zinc Co., the world’s largest producer of refined zinc, advanced 3.9 percent to 304,000 won.
Cnooc, PetroChina
Cnooc climbed 0.8 percent to HK$18.48 in Hong Kong and PetroChina Co., the nation’s biggest oil company, gained 0.6 percent to HK$10. Reliance increased 1.3 percent to 1,055.25 rupees in Mumbai, the biggest contributor to the Bombay Stock Exchange Sensitive Index’s gains today.
Commodities rallied and the dollar weakened yesterday after China refrained from increasing interest rates. The Standard & Poor’s GSCI Index of commodities advanced 1.3 percent at 5 p.m. in New York as copper futures surged to a record high of $9,248 a metric ton in London.
Crude oil for January delivery increased 0.9 percent to settle at $88.61 a barrel in New York, while the London Metal Exchange Index of prices for six industrial metals including copper, zinc and aluminum rose 2.2 percent.
‘Markets Taking Relief’
While Chinese inflation accelerated to the fastest pace in more than two years, the central bank kept its benchmark interest rate unchanged. That helped boost optimism that the world’s fastest-growing major economy will keep fueling the global expansion and demand for raw materials.
“One of the big macro-risks out there has been a Chinese policy error,” said Prasad Patkar, who helps manage about $1.8 billion at Platypus Asset Management Ltd. in Sydney. “Markets are taking a bit of relief that they’re not going to overdo it.”
Hyundai Heavy Industries Co., the world’s largest shipbuilder, jumped 8.9 percent to 417,000 won in Seoul after saying that Hapag-Lloyd AG increased an order to 10 container ships from six. Deliveries of the ships will take place between July 2012 and November 2013, it said.
Hon Hai Precision Industry Co. rose 2.2 percent to NT$115 in Taipei after a research note from Mirae Asset Securities Co. cited speculation that it will form a solar venture with GCL Poly Energy Holdings Ltd. Hon Hai’s Foxconn Technology Co. unit jumped 6.7 percent to NT$111.
U.S. Retail Sales
In Tokyo, NTN Corp., the world’s third-biggest bearing maker climbed 5.2 percent to 449 yen after Credit Suisse Group AG raised its investment rating to “outperform” from “neutral.”
Li & Fung Ltd., the No. 1 supplier to Wal-Mart Stores Inc., advanced 1.6 percent to HK$45.40 in Hong Kong ahead of a report that’s expected to show U.S. retail sales climbed as demand recovers in the world’s biggest economy. Esprit Holdings Ltd., the biggest Hong Kong-listed clothier, gained 2 percent to HK$38.85.
U.S. retail sales probably climbed in November for a fifth consecutive month, economists said ahead of a Commerce Department report later today. The median estimate of 62 economists surveyed by Bloomberg is for a 0.6 percent gain following a 1.2 percent increase in October.
The MSCI Asia Pacific Index increased 11 percent through yesterday in 2010, matching the gain by the S&P 500 and beating the 9.1 percent increase by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 14.8 times estimated earnings on average, compared with 14.5 times for the S&P 500 and 12.4 times for the Stoxx 600.
Canon, Honda
Canon fell 0.5 percent to 4,080 yen in Tokyo after the yen appreciated to 83.11 against the dollar, compared with 84.15 at the close of stock trading in Tokyo yesterday. Honda Motor Co., with about 80 percent of its sales outside Japan, lost 0.2 percent to 3,170 yen. A stronger yen potentially reduces the value of overseas revenue for Japanese companies.
“The yen’s appreciation will weigh on exporters” in Japan, said Kenichi Hirano, general manager and strategist at Tachibana Securities Co.
AGL Energy Ltd., Australia’s largest electricity retailer, slumped 4.9 percent to A$15.07 in Sydney after failing to buy power assets from the New South Wales state government amid reports that rival
Energy Ltd. and a unit of CLP Holdings Ltd. succeeded.
Energy Ltd. and a unit of CLP Holdings Ltd. succeeded.
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