Tuesday, November 20, 2012

Asian Stocks Rise Third Day as U.S. Home Sales Beat Estimates


Asian Stocks Rise Third Day as U.S. Home Sales Beat Estimates
2012-11-20 00:36:39.383 GMT

By Jonathan Burgos
     Nov. 20 (Bloomberg) -- Asian stocks rose, with the regional
benchmark index poised to advance for a third day, as better-
than-forecast U.S. home sales boosted optimism in the world's
largest economy.
     LG Electronics Inc., a South Korean maker of consumer
electronics that gets almost a third of its sales from North
America, climbed 2 percent. Samsung Electronics Co., the world's
No. mobile phone maker, gained 1.2 percent in Seoul after a U.S.
trade agency agreed to review its patent case versus Apple Inc.
BHP Billiton Ltd., the world's biggest mining company, added 1.1
percent in Sydney as metal prices advanced.
     The MSCI Asia Pacific Index gained 0.1 percent to 121.21 as
of 9:34 a.m. in Tokyo, with about two shares rising for each
that fell. Markets in Hong Kong and China are yet to open. The
measure extended its rally for a third day after President
Barack Obama started talks with Republicans and Democrats on a
U.S. budget agreement. Failure to strike a deal will trigger
more than $600 billion in automatic tax increases and spending
cuts that may throw the country into a recession.
     "Confidence is growing that a U.S. budget deal can be
reached, as politicians from both parties continue to make some
positive comments on working together to come up with a
solution," said Stan Shamu, a market strategist at IG Index, a
Melbourne-based provider of trading services for equities,
currencies and commodities. "Better-than-expected existing home
sales data has also helped to lift sentiment."



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