Asian stocks rose, extending the biggest quarterly gain since 2010 for the region’s benchmark equity index (CRY), after better-than-expected economic data in the U.S. and China fueled optimism the global economy is recovering, boosting the earnings outlook for exporters.
Honda Motor Co. (7267), a Japanese carmaker that gets 44 percent of its sales in North America, added 2.9 percent after U.S. consumer sentiment climbed to its highest level in more than a year. Komatsu Ltd. (6301), a maker of construction equipment whose biggest market is China, advanced 2.9 percent in Tokyo after a measure of mainland manufacturing advanced.BHP Billiton Ltd. (BHP) paced gains among resource shares after commodity prices rose.
The MSCI Asia Pacific Index added 0.3 percent to 127.01 as of 9:44 a.m. in Tokyo before the Hong Kong market opened, with about two stocks rising for each that fell. The measure gained 11 percent in the three months ended last week, the biggest advance since the third quarter of 2010, amid optimism monetary easing in Japan and Europe will spur growth and the U.S. economic recovery is picking up.
“I think equity investors should continue to see a reasonable and healthy level of risk appetite,” saidPrasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney. “The U.S. economy is getting better, hopefully in areas where we are looking for some source of strength such as employment and real estate. The European debt crisis is certainly under control for now, and the Chinese economy is in a reasonable shape.”
Nikkei, Kospi
Japan’s Nikkei 225 Stock Average rose 0.9 percent even after a survey showed sentiment among the nation’s largest manufacturers failed to improve in March. Australia’s S&P/ASX 200 gained 0.9 percent. South Korea’s KOSPI Index advanced 0.4 percent.
Futures on the Standard & Poor’s 500 Index (SPXL1) rose 0.4 percent today. The index gained 0.4 percent in New York on March 30 after a report showed Americans increased spending by the most in seven months. Another report showed that consumer sentiment climbed to the highest since February 2011.
Exporters to the U.S. advanced. Honda added 2.9 percent to 3,235 yen. James Hardie Industries SE (JHX), a building-materials supplier that gets 68 percent of sales from the U.S., rose 1 percent to A$7.76.
Asian stocks also advanced after the China yesterday reported a Purchasing Managers’ Index (CPMINDX) rose to a one-year high in March. Komatsu advanced 2.9 percent to 2,427 yen.Fanuc Corp. (6954), a Japanese maker of industrial robots that generates half of its sales in Asia, rose 2.7 percent to 15,070 yen.
Resource Shares
Resource shares gained the most among the 10 industry groups on the MSCI Asia Pacific Index after the Thomson Reuters/Jefferies CRB Index (CRY) of raw materials gained 0.8 percent on March 30. The London Metal Exchange Index of prices for six industrial commodities including copper and aluminum gained 1 percent on March 30.
BHP Billiton rose 2.6 percent to A$35.52. Rio Tinto Group (RIO), Australia’s second-largest mining company by market value, added 2.4 percent to A$66.96
Stocks in the Asian benchmark are valued at 1.5 times book value, compared with 2.3 times for the S&P 500 and 1.5 times for the Stoxx 600, according to Bloomberg data. A number below 1 means companies can be bought for less than value of their assets.
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.
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