Friday, November 2, 2012

Asian Stocks Advance on U.S. Jobs, Manufacturing; Sharp Slides

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Asian Stocks Advance on U.S. Jobs, Manufacturing; Sharp Slides
2012-11-02 00:15:05.868 GMT


By Adam Haigh
Nov. 2 (Bloomberg) -- Asian stocks rose after reports on
U.S. employment and manufacturing topped estimates and consumer
confidence in the world's largest economy climbed last month to
a more than four-year high.
BHP Billiton Ltd., the world's largest mining company,
climbed 1.9 percent. Komatsu Ltd., the second-biggest maker of
construction and mining equipment, rose 2.8 percent. Sharp Corp.
slumped 4.1 percent after the TV maker forecast a record loss
and said there was "material doubt" about its survival.
The MSCI Asia Pacific Index gained 0.5 percent to 122.46 as
of 9:08 a.m. in Tokyo before markets the open of markets in
China and Hong Kong. The gauge climbed 7 percent this year
through yesterday as central banks around the world boosted
stimulus to support economic growth. The measure has risen 0.8
percent this week.
"Global indicators are starting to show an improvement in
momentum, particularly in the U.S.," said Nader Naeimi, Sydney-
based head of dynamic asset allocation at AMP Capital Investors
Ltd., which manages almost $100 billion. "This can be sustained
if central banks keep supporting growth."
Japan's Nikkei 225 Stock Average gained 1.2 percent,
Australia's S&P/ASX 200 Index rose 0.4 percent and South Korea's
Kospi climbed 1.1 percent.

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