Asian stocks advanced for a third day after JPMorgan Chase & Co.’s earnings topped estimates and Posco raised its profit forecast. Treasuries and the dollar fell as investors sought higher-yielding assets.
In Tokyo, the Nikkei 225 regained 178.44 points, or 1.8%, to 10,238.65.
In Hong Kong, the Hang Seng index vaulted 112.60 points, or 0.5%, to 21,999.08.
Hana Financial Group Inc., South Korea’s number-four financial company, climbed 3.6% in Seoul on speculation it may cancel a share-sale plan. Posco, Asia’s third-largest steelmaker, gained 3.7% as its forecast signaled higher demand for the raw material.
Elpida Memory Inc. rose 2.9% after posting its first operating profit in eight quarters. Inpex Corp., Japan’s largest energy explorer, gained 2.6% as crude-oil prices climbed.
Credit Suisse Group AG advised buying shares of Panasonic Corp., the world’s largest maker of plasma televisions.
Australia’s central bank governor signaled a "gradual expansion" for the economy next year.
Retailers David Jones Ltd. and JB Hi-Fi Ltd. climbed more than 2%.
Sumitomo Trust & Banking Co., Japan’s fifth-biggest bank, climbed 4.7%. Westpac Banking Corp., the number-two lender in Australia by assets, added 1.1%. JB Hi-Fi climbed 5.6% as brokerages from Morgan Stanley to Deutsche Bank AG boosted their share-price targets.
Woodside Petroleum Ltd., Australia’s second-largest oil producer, added 1.1%. Crude oil rose above $75 U.S. a barrel in New York for the first time in a year. The London Metals Index, a measure of six metals including copper and zinc, added 0.9% yesterday.
CHINA
The Shanghai’s 300 Composite Index advanced 12.24 points, or 0.4%, to 3,239.64, as government reports showed new lending expanded last month and home prices increased. Bank of Communications Ltd. added 1.4%, while Industrial Bank Co. also gained 1.4%
Elsewhere:
Taiwan’s Taiex index gained 14.65 points, or 0.2%, to 7,710.40
Singapore’s Straits Times index advanced 3.67 points, or 0.1%, to 2,712.15
Korea’s Kospi index picked up 9.90 points, or 0.6%, to 1,658.99
New Zealand’s NZX 50 Index added 4.81 points, or 0.2%, to 3,191.29
Australia’s S&P/ASX 200 finished 28.80 points, or 0.6%, higher at 4,859.90
