Asian Stocks Rise as Australian Commodity Shares Gain, Japanese Banks Drop

Asian stocks rose, driving the MSCI Asia Pacific Index to a fifth consecutive weekly advance, as increased crude-oil prices and gold near a record high boosted commodity companies.

BHP Billiton Ltd., Australia’s biggest oil producer, climbed 1.7 percent and Woodside Petroleum Ltd. gained 0.9 percent in Sydney. Newcrest Mining Ltd., Australia’s No. 1 gold producer, advanced 0.7 percent. Mizuho Financial Group Inc. and Resona Holdings Inc. led Japanese banks lower after Morgan Stanley MUFG Securities Co. cut their investment ratings.

The MSCI Asia Pacific Index gained 0.3 percent to 126.62 as of 10:16 a.m. in Tokyo, with about three shares advancing for every two that declined. The index gained 8.4 percent last month, the largest monthly advance since July 2009. The 12 percent climb in the three months ended yesterday was the biggest quarterly increase of the past year.

Japan’s Nikkei 225 Stock Average rose 0.6 percent today, while the broader Topix index fell 0.2 percent. Australia’s S&P/ASX 200 Index increased 0.5 percent. South Korea’s Kospi Index climbed 0.3 percent. Markets are closed in Hong Kong and China for a public holiday.

Futures on the Standard & Poor’s 500 Index increased 0.3 percent. The gauge fell 0.3 percent yesterday in New York, trimming its biggest September gain since 1939, as investors sold some of the month’s best-performing shares amid speculation that the improving economic data will reduce the need for the Federal Reserve to stimulate growth.

U.S. Economic Reports

U.S. stocks climbed yesterday morning after data showed the economy grew at a 1.7 percent annual rate in the second quarter, faster than the 1.6 percent previously estimated. Initial jobless claims fell to 453,000 in the week ended Sept. 25, less than the median forecast of economists surveyed by Bloomberg News. The Institute for Supply Management-Chicago Inc. said its business barometer climbed to 60.4 in September, exceeding the highest estimate of economists surveyed by Bloomberg News.

BHP Billiton rose 1.7 percent to A$39.57, and Woodside Petroleum advanced 0.9 percent to A$44.28. Newcrest rallied 0.7 percent to A$39.93.

Crude oil for November delivery rose 2.7 percent yesterday in New York to settle at a seven-week high of $79.97 a barrel, while gold futures gained 0.5 percent yesterday to a record.

Mizuho Financial fell 2.5 percent to 119 yen and Resona lost 4.1 percent to 718 yen after Morgan Stanley MUFG cut their ratings to ”underweight.” Mitsubishi UFJ Financial Group Inc., Japan’s largest publicly traded lender, retreated 1 percent to 385 yen.