Most Asian stocks rose as the Japanese economy shrank less than economists estimated and oil prices rose to a six-month high. Finance companies declined.
Mitsubishi Corp., a Japanese trading company that gets more than half its profit from commodities, climbed 3.4 percent after Goldman, Sachs & Co. recommended buying the stock. BHP Billiton Ltd., Australia’s biggest oil producer, rose 0.6 percent. Kawasaki Kisen Kaisha Ltd., Japan’s No. 3 shipping line, added 1.8 percent as commodity shipping rates gained for a 13th- straight session.
“Demand for resources looks likely to rebound and investors are willing to buy commodity-related companies on expectations for an earnings recovery,” said Hiroichi Nishi, general manager at Nikko Cordial Securities Co.
The MSCI Asia Pacific Index rose 0.2 percent to 99.53 at 10:07 a.m. in Tokyo, set for its highest close since Oct. 6. Through yesterday, the gauge had surged 41 percent from a more than five-year low on March 9. Stocks on the measure traded at an average 22.4 times estimated profit, compared with 15.6 times for the MSCI World Index.
Japan’s Nikkei 225 Stock Average advanced 0.3 percent to 9,315.78. Gross domestic product contracted an annualized 15.2 percent in the three months ended March 31, the Cabinet Office said today in Tokyo. Economists predicted the economy would shrink 16.1 percent.
Australia’s S&P/ASX 200 Index lost 0.2 percent and South Korea’s Kospi index was little changed.
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Futures on the Standard & Poor’s 500 Index slipped 0.4 percent. The gauge dropped 0.2 percent in New York yesterday as a Commerce Department report showed housing starts sank 13 percent in April, while economists had expected an increase. Financial shares slumped after Moody’s Investors Service said commercial property values have tumbled.
Mitsubishi Corp. jumped 3.4 percent to 1,718 in Tokyo after Goldman upgraded its rating to “buy” from “neutral.” BHP Billiton gained 0.6 percent to A$34.07. Inpex Corp., Japan’s largest oil explorer, gained 1.6 percent to 718,000 yen.
Crude oil futures in New York rose 1.1 percent to $59.65 a barrel yesterday, the highest settlement since Nov. 10.
Kawasaki Kisen Kaisha added 1.8 percent to 393 yen. The Baltic Dry Index, a measure of shipping costs for commodities jumped for a 13th straight session to a level not seen in seven months.
Mitsubishi Corp., a Japanese trading company that gets more than half its profit from commodities, climbed 3.4 percent after Goldman, Sachs & Co. recommended buying the stock. BHP Billiton Ltd., Australia’s biggest oil producer, rose 0.6 percent. Kawasaki Kisen Kaisha Ltd., Japan’s No. 3 shipping line, added 1.8 percent as commodity shipping rates gained for a 13th- straight session.
“Demand for resources looks likely to rebound and investors are willing to buy commodity-related companies on expectations for an earnings recovery,” said Hiroichi Nishi, general manager at Nikko Cordial Securities Co.
The MSCI Asia Pacific Index rose 0.2 percent to 99.53 at 10:07 a.m. in Tokyo, set for its highest close since Oct. 6. Through yesterday, the gauge had surged 41 percent from a more than five-year low on March 9. Stocks on the measure traded at an average 22.4 times estimated profit, compared with 15.6 times for the MSCI World Index.
Japan’s Nikkei 225 Stock Average advanced 0.3 percent to 9,315.78. Gross domestic product contracted an annualized 15.2 percent in the three months ended March 31, the Cabinet Office said today in Tokyo. Economists predicted the economy would shrink 16.1 percent.
Australia’s S&P/ASX 200 Index lost 0.2 percent and South Korea’s Kospi index was little changed.
Brokerage Upgrade
Futures on the Standard & Poor’s 500 Index slipped 0.4 percent. The gauge dropped 0.2 percent in New York yesterday as a Commerce Department report showed housing starts sank 13 percent in April, while economists had expected an increase. Financial shares slumped after Moody’s Investors Service said commercial property values have tumbled.
Mitsubishi Corp. jumped 3.4 percent to 1,718 in Tokyo after Goldman upgraded its rating to “buy” from “neutral.” BHP Billiton gained 0.6 percent to A$34.07. Inpex Corp., Japan’s largest oil explorer, gained 1.6 percent to 718,000 yen.
Crude oil futures in New York rose 1.1 percent to $59.65 a barrel yesterday, the highest settlement since Nov. 10.
Kawasaki Kisen Kaisha added 1.8 percent to 393 yen. The Baltic Dry Index, a measure of shipping costs for commodities jumped for a 13th straight session to a level not seen in seven months.
