Asian stocks rose for a third day and the South Korean won climbed on signs global manufacturing is strengthening. Oil fell for a fifth day.
The MSCI Asia Pacific Index (MXAP) advanced 0.8 percent as of 9:16 a.m. in Tokyo. Standard & Poor’s 500 Index futures added 0.2 percent. South Korea’s won advanced 0.7 percent, strengthening against all of its 16 major counterparts. Treasury 10-year yields increased two basis points to 1.84 percent. Oil retreated 0.2 percent.
U.S. manufacturing grew at the fastest pace since June, according to data from the Institute for Supply Management, while a government report showed construction spending increased more than forecast. The U.K.’s factory measure unexpectedly reached an eight-month high and manufacturing gauges in Europe, China and India rose in January. Sony Corp., Mazda Motor Corp., Singapore Airlines Ltd. and Softbank Corp. are among Asian companies scheduled to report results today.
“We got more confirmation that business confidence in the U.S. and Europe is improving,” said Mitsushige Akino, who oversees about $600 million at Ichiyoshi Investment Management Co. in Tokyo. “The European debt crisis is in a temporary lull, so stocks sensitive to the economy will have a chance to gain.”
Facebook Inc., the social-networking website that began about eight years ago in a Harvard University dorm, filed to raise $5 billion in an initial public offering in what would be the largest Internet IPO on record. The company, which now boasts more than 800 million users, didn’t specify the number or price of shares it will offer in a regulatory filing yesterday.
Lynas Corp. (LYC) surged 15 percent in Australian trading. Malaysia’s Atomic Energy Licensing Board granted the company a temporary operating license to begin refining rare earths.
(source: Bloomberg)
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02/02/2012 08:57:55 AM | 