January 04, 2011, 3:36 AM EST By Kana Nishizawa
Jan. 4 (Bloomberg) -- Asian stocks rose, with the regional benchmark extending a 2 1/2-year high, as U.S. manufacturing expanded at a faster pace, boosting optimism that a recovery in the world’s largest economy is strengthening.
Toyota Motor Co., which sells more vehicles in North America than anywhere else, advanced 1.4 percent in Tokyo as analysts forecast annual U.S. automobile sales expanded last year for the first time since 2005. Mitsubishi Corp., a Japanese commodity trading house, jumped 4.2 percent after metal prices rose and oil traded near a 27-month high. BHP Billiton Ltd., the world’s largest mining company, rose 0.4 percent in Sydney.“We’ve seen two months of positive data, which is definitely buoying investors’ expectations for 2011,” said Tim Schroeders, who helps manage $1 billion at Pengana Capital Ltd. in Melbourne. “Signs are encouraging that things are improving.”The MSCI Asia Pacific Index climbed 0.5 percent to 138.65, the highest since June 26, 2008, as of 5:26 p.m. in Tokyo, with almost three stocks advancing for each that fell. The index rose 14 percent last year, extending a 34 percent increase in 2009, as positive global economic data and corporate profits outweighed concerns about Europe’s debt crisis and China’s steps to curb inflation.Stocks in the gauge traded at an average 14.9 times estimated earnings at the close of trade yesterday, compared with about 14.9 times for the Standard & Poor’s 500 Index in the U.S. and 11 times for Stoxx Europe 600 Index.U.S. ManufacturingThe Institute for Supply Management’s manufacturing index climbed to 57 last month from 56.6 in November, the Tempe, Arizona-based group said Jan. 3. A reading greater than 50 points to expansion, and the figure matched the median forecast of economists surveyed by Bloomberg News.Futures on the U.S. Standard & Poor’s 500 Index were little changed today. The S&P 500 rose 1.1 percent to 1,271.87, its highest close since Sept. 3, 2008, as of 4 p.m. yesterday in New York. The gauge surged 6.5 percent last month, its best December since 1991. The Dow Jones Industrial Average increased 93.24 points, or 0.8 percent, to 11,670.75.“The market is rising on spillover from the best December in nearly 20 years, and the economy continues to perform better than most people think,” said Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida, who helps manage $240 billion.Japan’s Nikkei 225 Stock Average rose 1.7 percent, and Hong Kong’s Hang Seng Index gained 1 percent. Singapore’s Straits Times Index rose 0.6 percent, while South Korea’s Kospi Index increased 0.7 percent. Australia’s S&P/ASX 200 Index fell 0.1 percent.Auto SalesChina’s Shanghai Composite Index rose 1.6 on speculation inflation eased last month.Toyota added 1.4 percent to 3,265 yen as analysts said U.S. automobile sales may have continued in December at the fastest pace since 2009, carrying the industry to its first annual increase since 2005.Total auto sales, to be released today, probably ran at an annual rate of 12.3 million vehicles last month, according to the average of eight analysts’ estimates compiled by Bloomberg. November and October sales hit the same pace, the fastest since the U.S. government’s “cash for clunkers” program in August 2009.Nissan Motor Corp., an automaker that gets almost a third of its revenue from the U.S., increased 4.3 percent to 806 yen. Sales of new cars globally may rise 3 million units to 73 million units in 2011, Nikkei English News reported, citing President Carlos Ghosn.Employment IncreasingU.S. jobs data this week is expected to improve, according to economist estimates. A projected 140,000 gain in December payrolls is the median forecast of 61 economists surveyed by Bloomberg News before the Jan. 7 report from the Labor Department. The unemployment rate may have eased to 9.7 percent from 9.8 percent.Li & Fung Ltd., the biggest supplier to Wal-Mart Stores Inc., advanced 4.9 percent to HK$49.05 in Hong Kong. Foxconn International Holdings Ltd., the world’s biggest contract maker of mobile phones, rose 3.3 percent to HK$5.89. Billabong International Ltd., the world’s No. 1 publicly-traded surfwear maker, jumped 3.7 percent to A$8.45 in Sydney. A measure of consumer discretionary stocks had the second-biggest gain among the MSCI Asia Pacific’s 10 industry groups.Claims for jobless benefits dropped in the week ended Dec. 25 to the lowest level in two years, according to Labor Department figures in Washington. Other data showed businesses expanded last month at the fastest pace in two decades and pending home sales climbed in November for the fourth time in five months.Commodities GainMitsubishi jumped 4.2 percent, the most since August, to 2,290 yen, while Inpex Corp., Japan’s largest oil and gas explorer, increased 4 percent to 494,500 yen in Tokyo. BHP increased 0.4 percent to A$45.45 in Sydney.Crude oil for February delivery was at $91.67 a barrel, up 12 cents, in electronic trading on the New York Mercantile Exchange at 10:26 a.m. Sydney time. Yesterday, the contract rose 17 cents to $91.55, the highest settlement price since Oct. 3, 2008. Oil climbed 15 percent in 2010.Jiangxi Copper Co., China’s No. 1 producer of the metal, increased 0.4 percent to HK$26.55 after copper futures for March delivery climbed as much as 5.1 cents to a record in New York yesterday. Zhaojin Mining Industry Co., a miner based in China’s Shandong province, climbed 3.6 percent to HK$34.45.Sojitz, Lynas TalksLynas Corp., an Australian miner of rare-earths, soared 12 percent to A$2.30 after Nikkei English News said on Dec. 31. Sojitz Corp. and Japan Oil, Gas and Metals National Corp. are in talks to buy a stake in Lynas. Sojitz jumped 3.9 percent to 185 yen.Posco, the world’s third-biggest steelmaker, climbed 2.8 percent to 499,500 won in Seoul after the Wall Street Journal reported the company won Indian approval to build a $12 billion steel project in the nation.Hyundai Heavy Industries Co., the world’s biggest shipbuilder, increased 3.8 percent to 451,500 won. Diamond Offshore Drilling Inc., the largest U.S. deep-water oil driller, agreed to pay Hyundai Heavy Industries about $590 million to build a drillship as crude producers explore farther offshore, according to a statement.China National Materials Co., a provider of cement-making equipment and engineering services, surged 8.9 percent to HK$7.10 in Hong Kong after Credit Suisse Group AG rated the stock “outperform” in new coverage. The stock had the biggest gains in the MSCI Asia Pacific Index.TSRC Corp., a synthetic rubber maker, jumped 6.7 percent to NT$77 in Taipei after SinoPac Securities increased its share- price estimate to NT$95 from NT$64.50, while maintaining its “buy” rating. Inotera Memories Inc., a maker of dynamic random-access memory chips, advanced 6.8 percent to NT$15 after saying sales increased from November to December.--With assistance from Nikolaj Gammeltoft in New York. Editors: Nick Gentle, John McCluskey.
To contact the reporter on this story: Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net.
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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