Asian stocks rise

STOCK REPORT/ GLOBAL MARKETS

Fujitsu, Japan's largest maker of business computers, surged the most in 17 years after forecasting that profit would more than double. Isuzu rose to the highest in three weeks.

HSBC Holdings advanced in Hong Kong after reporting a gain in first-quarter profit. China Life Insurance paced declines in the nation's shares following the biggest earthquake in China in 58 years.

The MSCI Asia Pacific Index climbed 1 per cent to 150.55 as at 4:02 pm in Tokyo, poised for its largest gain since May 2. Firms included in the index are trading at 15.6 times estimated earnings, compared with 18.7 times a year ago.

Japan's Nikkei 225 Stock Average jumped 1.5 per cent to 13,953.73. Nikon, the world's second-biggest maker of cameras used by professionals, led gains after announcing its first share buyback in five years.

China's CSI 300 Index fell 1.4 per cent. Indexes advanced elsewhere in Asia, except in Australia, Malaysia and Sri Lanka.

Europe
European stocks fell, led by financial companies, on concern accelerating inflation will keep central banks from lowering interest rates.

Europe's Dow Jones Stoxx 600 Index slipped 0.7 per cent to 323.75 as of 10:57 am in London, after rising as much as 0.5 per cent. The index has lost 19 per cent from a six-and-a-half-year high on June 1 on concern $329 billion in credit losses by the world's largest financial firms will cut economic and profit growth.

National benchmark indexes retreated in 13 of the 17 western European markets that were open. France's CAC 40 slid 1.9 per cent and Germany's DAX retreated 1 per cent. The UK's FTSE 100 slipped 1.1 per cent. The Stoxx 50 lost 1.4 per cent, as did the Euro Stoxx 50, a measure for the euro region.

US
US stocks rose the most in a week as retailers rallied in anticipation of better-than-estimated earnings and financial shares climbed after the world's largest bond insurer said it has enough cash to cover claims.

The S&P 500 Index added 15.3 points, or 1.1 per cent, to 1,403.58. The Dow Jones Industrial Average increased 130.43, or 1 per cent, to 12,876.31. The Nasdaq Composite Index rose 42.97, or 1.8 per cent, to 2,488.49.