Asian Stocks Rise for First Time in Three Days; Aussie Climbs

June 24 (Bloomberg) -- Asian stocks rose for the first time in three days, led by mining companies after Australia’s prime minister was ousted over a proposed resource tax. The Australian dollar strengthened and the yen weakened.

The MSCI Asia Pacific Index climbed 0.4 percent to 117.52 as of 12:20 p.m. in Tokyo. Australia’s S&P/ASX 200 Index gained 0.2 percent, and the country’s dollar appreciated by 0.1 percent to 87.47 U.S. cents. Futures on the Standard & Poor’s 500 Index were little changed after the U.S. benchmark dropped 0.3 percent.

Prime Minister Kevin Rudd resigned following a clash with the nation’s mining industry over his plan to implement a 40 percent tax on profits. Stock gains were restrained by concerns about a slowdown in the global recovery after the Federal Reserve said European debt may harm economic growth and new-home sales in the U.S. plunged 33 percent to a record low.

“Taxes on mining companies may ease up after the change in prime ministers in Australia,” said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co., which oversees $94 billion. “Judging from the U.S. housing-sales figures, it’s hard to expect the economy will continue to recover strongly.”

Japan’s Nikkei 225 Stock Average climbed 0.2 percent, Hong Kong’s Hang Seng Index fell 0.2 percent and China’s Shanghai Composite Index retreated 0.5 percent.

Mining Shares Advance

BHP Billiton Ltd. gained 1.3 percent to A$39.63 and Rio Tinto Group, the world’s third-biggest mining company, climbed 1.6 percent to A$71.67. Mitsubishi Corp., Japan’s biggest commodities trader, advanced 1.7 percent to 2,023 yen. Yanzhou Coal Mining Co., which acquired Australia-based Felix Resources Ltd., climbed 2.7 percent in Hong Kong.

The yen weakened versus 15 of 16 major counterparts as Asian stocks rose, and traded at 110.95 per euro from 110.57 in New York yesterday. The dollar dropped to $1.4994 per pound, the lowest level since May 12, and was at 89.89 yen from 89.82 yen. The pound gained after a report showed U.K. policy makers were split on whether to raise interest rates this month.

The Fed’s Open Market Committee said yesterday that “financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad.” The central bank left the overnight interbank lending rate target unchanged in a range of zero to 0.25 percent, where it’s been since December 2008. The U.S. Commerce Department said purchases of new homes fell to an all-time low as a tax credit expired, showing the market remains dependent on government support even with mortgage rates near record lows.

“Certainly the statement’s a tad more dovish, as they’re starting to express concern about low inflation,” Khoon Goh, a senior economist in Wellington at ANZ National Bank Ltd., New Zealand’s biggest lender, said on the Fed’s comments. “It suggests there’s further downside for the greenback.”

Crude oil fell for a third day in New York after U.S. government reports showed an unexpected gain in supplies and a drop in new-home purchases. Futures contracts for August delivery sank as much as 42 cents, or 0.6 percent, to $75.93 a barrel in electronic trading on the New York Mercantile Exchange.