Asian stocks rose, with the regional benchmark index set to close at its highest level in a week, on optimism U.S. lawmakers will reach an agreement to cut the budget deficit and after Apple Inc.’s profit topped estimates, boosting the earnings outlook for exporters.
Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics, climbed 2.8 percent in Seoul. Toyota Motor Corp., the world’s largest carmaker, gained 1.2 percent in Tokyo. BHP Billiton Ltd., the world’s largest mining company and Australia’s No. 1 oil producer, advanced 1.8 percent in Sydney after oil and metal futures increased. James Hardie Industries SE, the largest seller of home siding in the U.S., jumped 6.8 percent after construction of new homes in the world’s biggest economy rose to a five month high in June.
“People are feeling less anxious about a default and the economy in the U.S.,” said Hiroichi Nishi, an equities manager in Tokyo at SMBC Nikko Securities Inc. “Strong earnings in the U.S. are good for Japanese companies’ profit outlook.”
The MSCI Asia Pacific Index increased 0.8 percent to 136.2 as of 9:49 a.m. in Tokyo, headed for its highest close since July 11. About 10 stocks advanced for each that fell on the gauge. The measure dropped for the first week in four last week after European finance ministers declined to rule out a temporary default for Greece and as Moody’s Investors Service put the U.S. under review for a possible credit-rating downgrade.
Asian Stocks Advance U.S. Deficit Plan, Apple Earnings
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