Asian Stocks Gain, Led by Inpex and Rio Tinto; Macquarie Falls

By Chen Shiyin

Aug. 27 (Bloomberg) -- Asian stocks advanced, led by energy and mining companies, after oil prices rallied and Rio Tinto Group said first-half profit doubled.

Inpex Holdings Inc., Japan's largest oil explorer, climbed 2 percent after crude rose more than $1 a barrel in New York yesterday. Rio Tinto, the world's third-largest mining company, gained 1 percent after posting earnings that topped analyst estimates. Macquarie Group Ltd., Australia's biggest securities firm, dropped 3.6 percent after UBS AG downgraded the shares.

The MSCI Asia Pacific Index climbed 0.3 percent to 122.66 as of 9:20 a.m. in Tokyo. The regional measure has dropped 22 percent this year as soaring inflation assailed global economies and the world's largest financial companies posted writedowns and credit losses of more than $500 billion.

Japan's Nikkei 225 Stock Average slipped 0.2 percent to 12,752.47, led by Mitsubishi Estate Co., after rival developer Sohken Homes Co. filed for bankruptcy. Australia's S&P/ASX 200 Index added 0.5 percent, posting the only gain among markets open for trading.

U.S. stocks advanced yesterday, rebounding from the biggest drop in a month. Freddie Mac and Fannie Mae, the largest U.S. mortgage-finance companies, jumped after Citigroup Inc. analysts said the companies have enough capital to last the year.

To contact the reporter for this story: Chen Shiyin in Singapore at schen37@bloomberg.net