By Adam Haigh and Norie Kuboyama - Jun 28, 2012 7:29 AM GMT+0700
Asian stocks rose for a second day after reports showed U.S. home sales and durable goods orders climbed more than estimated and investors awaited the start of a summit on Europe’s debt crisis.
Toyota Motor Corp. (7203) advanced 1.2 percent, leading gains among Japanese carmakers. Rio Tinto Group, the world’s third- largest mining company, rose 1.3 percent as metals prices climbed yesterday. Eisai Co. (4523) soared 3.3 percent in Tokyo after its partner won Food and Drug Administration approval for weight-loss pill lorcaserin, making it the first obesity medication cleared for sale in the U.S. in 13 years.
The MSCI Asia Pacific Index (MXAP) advanced 0.9 percent to 115.07 at 9:24 a.m. in Tokyo, before markets in China and Hong Kong opened. Almost eight stocks rose for each that fell. The gauge fell 12 percent through yesterday from its highest level of 2012 in February, paring its gain this year to 0.2 percent, amid concern growth in China and the U.S. is slowing as the euro-zone debt crisis escalates.
“The U.S. economy remains in a recovering trend,” said Mitsushige Akino, who oversees about $627 million in Tokyo at Ichiyoshi Asset Management Co. “Some deteriorating data, such as manufacturing, has been already factored into the market. Also, individual investors are buying companies counting on domestic demand and low-priced equities. That’s supporting the markets.”
To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net; Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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