Tuesday, August 16, 2011

Asian stocks rose for a third day as companies reported higher profits. U.S. equity-index futures advanced, the euro erased losses against the dollar, while copper and oil paced gains among commodities. 

The MSCI Asia Pacific Index added 0.4 percent as of 2:05 p.m. in Tokyo, extending a two-day, 2.4 percent rally. Standard & Poor’s 500 Index futures climbed 0.2 percent after earlier losing as much as 0.6 percent. Europe’s 17-nation currency was little changed at $1.4409 and slid 0.2 percent versus the yen. The Swiss franc weakened against all 16 major peers. Wheat gained a third day, copper advanced as much as 0.7 percent and oil climbed 0.8 percent.

China Coal Energy Co. rallied 8.8 percent after saying first-half profit rose, while Brambles Ltd. jumped 5 percent in Sydney after it forecast a profit gain of as much as 28 percent. Stocks and the euro slid earlier as French and German leaders said they plan to resubmit a financial-transaction tax that was rejected last year, while rebuffing calls for joint euro borrowing and the expansion of the 440 billion-euro ($632 billion) rescue fund.

“We see the negative newsflow likely to come out of Europe rather than anywhere else in the world these days, but if you look outside of that, things are starting to get a little better,” Steve Brice, chief investment strategist at Standard Chartered Plc, said in a Bloomberg Television interview from Singapore. “We do prefer Asia to the developed world.”


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