Asian Stocks Gain on Fewer U.S. Jobless Claims, Japanese Growth

Sept. 10 (Bloomberg) -- Asian stocks rose, lifting the MSCI Asia Pacific Index higher for a second week, as fewer people than estimated applied for jobless benefits in the U.S. and Japan’s economy grew faster than anticipated.

Toyota Motor Corp., the world’s largest automaker, gained 1.5 percent in Tokyo. Samsung Electronics Co., Asia’s biggest maker of chips, flat screens and mobile phones, advanced 1.9 percent in Seoul. Canon Inc., the world’s largest camera maker, jumped 4.8 percent after the company announced a share buyback.

The MSCI Asia Pacific Index gained 0.5 percent to 121.13 as of 10:42 a.m. in Tokyo, with more than five stocks rising for each one that fell. The measure has climbed 5.4 percent from a one-month low on Aug. 25 amid speculation the U.S. economy will avoid slipping back into recession. The gauge advanced 1.8 percent this week.

A “recovery in corporate earnings in the U.S. is driving an increase in employment in the private sector,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “Concern about the economy has eased.”

Japan’s Nikkei 225 Stock Average climbed 1.9 percent as Prime Minister Naoto Kan unveiled details of a 920 billion yen ($11 billion) stimulus plan to boost consumption and create jobs.

South Korea’s Kospi index climbed 1.2 percent, while Australia’s S&P/ASX 200 Index rose 0.2 percent. China’s Shanghai Composite Index advanced 0.2 percent.

U.S. Jobless Claims

Futures on the Standard & Poor’s 500 Index were little changed. The U.S. index gained 0.5 percent yesterday as a government report showed initial claims for unemployment benefits dropped by 27,000 to 451,000 last week, lower than the median estimate of 470,000 in a Bloomberg survey of economists. A separate report showed the U.S. trade deficit narrowed in July by the most since February 2009.

In Japan, a Cabinet Office report showed that gross domestic product grew at an annualized 1.5 percent rate in the three months ended June 30, faster than the 0.4 percent reported last month. The figure matched the median of 21 estimates in a Bloomberg News survey of economists.

Consumer discretionary companies and technology stocks, such as Toyota and Canon, were the biggest contributors to the MSCI Asia Pacific Index’s advance among the 10 industry groups, according to data compiled by Bloomberg.

Toyota climbed 1.5 percent to 2,973 yen. Honda Motor Co., a carmaker that gets more than 80 percent of its revenue abroad, rose 0.9 percent to 2,802 yen. Samsung Electronics, which receives about 85 percent of its sales outside of South Korea, gained 1.9 percent to 770,000 won in Seoul.

Canon rose 4.8 percent to 3,720 yen. The company said yesterday it will buy back as much as 1.2 percent of its outstanding shares for as much as 50 billion yen ($598 million).

Improved prospects for the U.S. economy also caused the dollar to strengthen versus the yen, boosting the value of sales generated overseas in local terms for Japanese companies. The dollar appreciated to 84.14 yen from 83.64 at the close of stock trading in Tokyo yesterday.