James Hardie Industries SE, the supplier of building materials that counts the U.S. as its biggest market, added 2.2 percent in Sydney. Honda Motor Co. (7267), the Japanese carmaker that gets about 44 percent of sales from North America, climbed 2 percent in Tokyo as it resumed production in the U.K. and announced plans to double factory capacity. Inpex Corp., Japan’s largest energy explorer, rose 2 percent as crude oil futures advanced for a second day.

“The U.S. economy is in a better shape than Europe and that’s positive,” Andrew Pease, Sydney-based senior investment strategist for the Asia-Pacific region at Russell Investment Group, said. “Given the huge clouds hanging over the global markets from Europe and uncertainties in the Chinese property market, it’s very hard to be optimistic at this stage. Investors are also pricing in increased geopolitical risks.”

The MSCI Asia Pacific Index gained 0.5 percent to 110.92 as of 11:08 a.m. in Tokyo, with more than two shares advancing for each that fell in the measure. The gauge dropped to a three-week low yesterday after North Korean leader Kim Jong Il died and Fitch Ratings said it may cut the credit ratings of European nations.

Japan’s Nikkei 225 Stock Average (NKY) advanced 0.7 percent, while South Korea’s Kospi Index gained 0.9 percent. Australia’s S&P/ASX 200 rose 0.3 percent.

Futures on the Standard & Poor’s 500 Index rose 0.6 percent today. The index fell 1.2 percent in New York yesterday after European Central Bank President Mario Draghi said substantial risks to the economy remain and the law keeps him from boosting government bond purchases to fight the sovereign-debt crisis.

Economic growth in China and other Asian economies had slowed as Europe’s crisis ate into export demand, the Reserve Bank of Australia said in minutes of its Dec. 6 board meeting released today. In Europe “there was a non-trivial possibility of a very sharp contraction,” the minutes from the Sydney-based RBA said.

“Nonetheless, growth rates in Asia remained solid,” the minutes said.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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