Asian stocks advance as slowdown fears fade

Asian stocks advanced after earnings at China Mobile and Woodside Petroleum beat estimates, bolstering optimism the region will weather slowing global growth.

The MSCI Asia-Pacific Index gained 0.8 per cent to 123.38 as of 8 pm in Tokyo, rebounding from a loss of as much as 0.2 per cent. The regional measure has dropped 22 per cent this year as the world’s largest financial companies posted writedowns and credit losses of more than $500 billion, and inflation soared.

Japan’s Nikkei 225 Stock Average slipped 0.2 per cent to 12,752.96, paced by Mitsubishi Estate Co, after rival developer Sohken Homes Co filed for bankruptcy. Hong Kong’s Hang Seng Index jumped 1.9 per cent, the region’s largest advance. About half the stock indices in Asia gained. Shares also gained after crude oil for October delivery rose 1 per cent to $116.27 a barrel in New York yesterday.