| Asian stocks rose for a third day after Japan reported economic growth that beat estimates and US unemployment unexpectedly fell.
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| The Morgan Stanley Capital International Asia-Pacific Index advanced 0.9 per cent to 143.94 at 7:16 pm in Tokyo, extending a rally that started last week. Japan’s Nikkei 225 Stock Average added 0.8 per cent to 17,292.39. All other markets climbed, except in Sri Lanka.
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| Employers in the US added 97,000 jobs, while average weekly earnings rose. A separate government report showed the trade deficit narrowed in January.
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| “Economies globally are in strong shape and expansion looks set to continue,’’ said Elan Cohen, a Singapore-based portfolio manager at JPMorgan Private Bank in Singapore, which has $350 billion in assets. “The recent sell-off in Asian stock markets has laid the ground for the next leg of the rally.’’
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| Sony, the maker of the PlayStation 3 game console, added 1.3 per cent to 6,240 yen. Canon, the world’s No 1 seller of digital cameras, climbed 1 per cent to 6,350 yen.
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| In South Korea, Samsung Electronics Co, the world’s largest maker of computer-memory chips, climbed 2.7 per cent to 602,000 won. Australia’s Rinker group, the biggest supplier of cement blocks in the US, added 1 per cent to A$19.15.
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| US
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| US stock and index futures dropped on concern rising mortgage delinquencies among the riskiest borrowers foreshadow lower profits in the financial industry.
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| Standard & Poor’s 500 Index futures expiring in June lost 5, or 0.4 per cent, to 1412.40 at 9:17 am in New York. Dow Jones Industrial Average futures fell 26, or 0.2 per cent, to 12,358, while Nasdaq-100 Index futures declined 5, or 0.3 per cent, to 1763.25.
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| New Century dropped $1.38, or 57 per cent, to $1.38. The company’s lenders claim it’s in default and are demanding accelerated payments. New Century said it lacks cash to meet those demands. The stock finished last year at $31.59.
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| Europe
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| European stocks fell as E.ON, Total and European Aeronautic, Defence & Space Co declined. The Dow Jones Stoxx 600 Index lost 0.5 per cent to 365.52 as of 12:32 pm in London. The Stoxx 50 and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, both decreased 0.5 per cent.
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| National benchmarks dropped in 12 of the 18 western European markets. France’s CAC 40 sank 0.9 per cent, while Germany’s DAX slid 0.5 per cent. The UK’s FTSE 100 slipped 0.3 per cent.
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| E.ON, whose 41 billion-euro ($54 billion) bid for Endesa ends March 29, dropped 1.4 per cent to 98.15 euros, leading utility shares lower. Enel, Italy’s biggest utility, said it is buying an additional 2.98 per cent in Endesa.
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| Total, Europe’s largest refiner, dropped 1.1 per cent to 49.97 euros. The company completed drilling an exploration well in the Norwegian Sea without finding oil or natural gas, the Norwegian Petroleum Directorate said today.
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| EADS slid 2.3 per cent to 22.09 euros. Lehman Brothers Holdings cut its recommendation on the Airbus parent’s stock to “equal weight’’ from “overweight’’ and reduced the price estimate 14 per cent to 24 euros. |
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