Asian Stocks Advance on U.S. Jobless Claims, Europe Debt Sales
January 22, 2012, 11:32 PM ESTBy Jonathan Burgos
Jan. 20 (Bloomberg) -- Asian stocks rose, with a regional benchmark index heading for its fifth straight weekly advance, as fewer Americans than forecast filed claims for jobless benefits and after Spain and France sold bonds at lower yields.
Toyota Motor Corp., a Japanese carmaker that gets about 70 percent of its sales overseas, climbed 2.8 percent in Tokyo. Canon Inc., a camera maker that depends on Europe for almost a third of its sales, gained 1.9 percent. Lynas Corp., a rare- earths developer, jumped 8.7 percent in Sydney after Malaysia said it will soon decide whether to give the company a permit to refine the raw material in the Southeast Asian country.
“Everyone is breathing a collective sigh of relief as European bond yields come down and these bond auctions get out of the way,” said Angus Gluskie, who oversees about $300 million at White Funds Management in Sydney. “The U.S. economic data is another bright spot. That’s adding to the market momentum.”
The MSCI Asia Pacific Index increased 0.8 percent to 120.14 as of 9:40 a.m. in Tokyo, with about five shares rising for each that fell. The measure advanced 4.7 percent this year through yesterday, the best start to any year since 1988, according to data compiled by Bloomberg.
Stocks have rallied amid signs the U.S. economy is recovering, Europe will contain its debt crisis and speculation that China will ease lending curbs to spur growth. A government report yesterday showed Americans claiming jobless benefits fell by 50,000 to 352,000 in the week ended Jan. 14, the lowest level since April 2008. France and Spain auctioned about 14.6 billion euros ($20 billion) of notes at lower yields.
--With assistance from Norie Kuboyama and Toshiro Hasegawa in Tokyo. Editor: John McCluskey
To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net
To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net
