By Jonathan Burgos - Dec 23, 2011 7:49 AM GMT+0700
Asian stocks (MXAP) rose, with a regional index heading for its first gain in three weeks, as a drop in U.S. jobless claims and an increase in consumer confidence added to signs the world’s biggest economy is weathering Europe’s debt crisis.
Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics, advanced 1.7 percent in Seoul. James Hardie Industries SE (JHX), a supplier of building materials the counts the U.S. as its largest market, climbed 3.1 percent in Sydney. Gloucester Coal Ltd. surged 25 percent after Yanzhou Coal Mining Co. offered to buy the Sydney-based company for A$700 million ($709 million) and merge it with Yanzhou’s Australian unit.
The MSCI Asia Pacific Excluding Japan Index (MXAPJ) gained 0.4 percent to 394.26 as 8:47 a.m. in Hong Kong, heading for a 1.4 percent advance this week. About five shares gained for each that fell in the gauge. Japanese markets are closed today for a holiday.
The regional gauge had fallen in the past two weeks as signs of slowing growth in China and concern that Europe’s debt crisis is worsening overshadowed improving U.S. data. Greece’s creditors are resisting pressure from the International Monetary Fund to accept bigger losses on holdings of the indebted nation’s government bonds, three people with direct knowledge of the discussions said.
To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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