Most Asian Stocks Rise as Europe Considers $1.3 Trillion Bailout
Oct. 21 (Bloomberg) -- Most Asian stocks rose as European governments considered deploying $1.3 trillion to fight the region's debt crisis, boosting the earnings outlook for Asian exporters.
Fanuc Corp., Japan's manufacturer of industrial robots that gets 75 percent of its sales outside of Japan, rose 1.2 percent. Samsung Electronics Co., South Korea's biggest exporter of consumer electronics, gained 0.4 percent. Newcrest Mining Ltd., Australia's biggest gold producer, lost 0.7 percent after gold fell.
"It looks like Europe is gradually getting its act together on a rescue plan for the debt crisis," said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. "Still, investors are going to keep sitting on the fence and trading is going to be light."
The MSCI Asia Pacific Index was little changed at 115.16 at 9:30 a.m. in Tokyo after climbing as much as 0.3 percent. The measure has dropped 1.4 percent this week.
Japan's Nikkei 225 Stock Average was little changed and South Korea's Kospi Index rose 0.5 percent. Australia's S&P/ASX 200 added 0.2 percent. Futures on the Standard & Poor's 500 Index advanced 0.1 percent.
To contact the reporters on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net Masaaki Iwamoto in Tokyo at miwamoto4@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net .
Find out more about Bloomberg for iPad: http://m.bloomberg.com/ipad/
