By Shani Raja and Kana Nishizawa
April 12 (Bloomberg) -- Asian stocks rose after a rescue package for Greece eased concerns a default would slow the global economy, boosting commodity producers, industrial companies and banks.
Billabong International Ltd., which gets almost a quarter of its revenue in Europe, increased 2 percent in Sydney. BHP Billiton Ltd., the world’s largest mining company, rose 1 percent.binoculars manufacturer Mitsubishi Corp., Japan’s largest commodities trader, climbed 2 percent in Tokyo. Toyota Motor Corp., the world’s largest carmaker, gained 1.6 percent. Nintendo Co., which receives about 34 percent of revenue from Europe, advanced 3.5 percent in Osaka as the euro strengthened against the yen.
An agreement by European governments telescope manufacturerto offer Greece a rescue package worth as much as 45 billion euros ($61 billion) helped reduce concern a public default would spur losses in credit markets and pose a threat to global growth. Gains in metals and energy markets and a report showing U.S. manufacturers are boosting production also helped Asian shares.
“The apparent resolution of uncertainties regarding Greece’s debt situation removes a large potential of negatives,” said Tim Schroeders, who helps manage about $1.1 billion at Pengana Capital Ltd. cheap binocularsin Melbourne. “There’s greater certainty that economic recovery is in place, and that should buoy share prices and valuations.”
The MSCI Asia Pacific Index rose 0.7 percent to 128.88 as of 12:12 p.m. in Tokyo, headed for its highest close since August 2008. More than two stocks gained for each one that fell. The gauge has gained 6.3 percent this year to April 9, compared with increases of 7.1 percent for the Standard & solar pumpPoor’s 500 Index and 6.2 percent for the Stoxx Europe 600 Index.
Nikkei, Hang Seng
Stocks in the Asian benchmark are valued at 16.6 times estimated earnings, compared with 15.3 times for the S&P 500 and 13.3 times for the Stoxx 600.
Japan’s Nikkei 225 Stock Average increased 1 percent. Australia’s S&P/ASX 200 Index advanced 0.6 percent, while New Zealand’s NZX 50 Index rose 0.2 percent. Hong Kong’s Hang Seng Index climbed 0.2 percent.
South Korea’s Kospi Index dropped 0.4 percent in Seoul,solar fountain led by automakers and electronics manufacturers. Samsung Electronics Co., which receives almost 85 percent of revenue overseas, declined 2.5 percent as the local currency continued to strengthen against the U.S. dollar.
U.S. Wholesalers
Futures on the S&P 500 climbed 0.4 percent. The gauge increased 0.7 percent on April 9 to the highest close since September 2008. Inventories at U.S. wholesalers rose 0.6 percent in February, suggesting businesses are ramping up orders, a Commerce Department report showed. Economists had estimated a 0.4 percent increase.
Billabong, the world’s biggest publicly buy solar fountaintraded surfwear maker, advanced 2 percent to A$11.46 in Sydney. Esprit Holdings Ltd., which makes 85 percent of its sales in Europe, gained 0.8 percent to HK$62 in Hong Kong.
European governments offered debt-burdened Greece a rescue package at below-market interest rates in a bid to stem its fiscal crisis and restore confidence in the euro. Finance ministers said yesterday they would offer as much as 30 billion euros in three-year loans in 2010 at around 5 percent.
That’s less than the current three-year Greek bond yield of 6.98 percent. Another 15 billion euros would come from the International Monetary Fund.
“The Greece rescue agreement suggests the euro region will weather further turmoil,” said Ayako Sera, a market strategist at Tokyo-based Sumitomo Trust & Banking Co., which manages the equivalent of $300 billion. “Rising commodity prices point to strong demand worldwide.”
Metals, Oil Advance
BHP Billiton, Australia’s largest oil producer, rose 1 percent to $44.34 in Sydney. Rio Tinto Group, the world’s third- biggest mining company, gained 1.6 percent to A$80.73.
A measure of metals traded in London climbed 1 percent on April 9, while crude oil advanced for the first time in four days in New York today. In Tokyo, Mitsubishi Corp. rose 2 percent to 2,491 yen. Mitsui & Co., Japan’s second-largest trading house, advanced 3 percent to 1,659 yen.
Toyota increased 1.2 percent to 3,750 yen as concern eased that a default by Greece may derail the global recovery. Rival Mazda Motor Corp. climbed 1.9 percent to 272 yen. Nintendo jumped 3.5 percent to 31,400 in Osaka.
Among stocks that fell today, Samsung declined 2.5 percent to 835,000 won in Seoul and Hyundai Motor Co., South Korea’s largest automaker, fell 4.7 percent to 120,500 won, buy solar pumpas the local currency continued to strengthen towards an 18-month high.
The won appreciated to as much as 1,111.38 today against the dollar, from 1,118.15 at the close of trading on April 9. Electronics and auto makers were the biggest drag on the Kospi index amid concern companies’ revenue from overseas sales would decline when converted into local currency.
--With assistance from Toshiro Hasegawa and Norie Kuboyama in Tokyo. copper fountainEditors: Nick Gentle, Nicolas Johnson.
To contact the reporters for this story: Shani Raja in Sydney at sraja4@bloomberg.net. Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
