Asian Stocks Rise as U.S. Jobs Report Eases Growth Concerns

Sept. 6 (Bloomberg) -- Asian stocks rose, driving the MSCI Asia Pacific Index to the highest level in four weeks, as better-than-estimated jobs data in the U.S. eased concern that global economic growth is faltering.

Samsung Electronics Co., which gets a fifth of its sales in America, gained 1.4 percent in Seoul. Canon Inc., a camera maker that gets 28 percent of its revenue in the Americas, increased 1.3 percent in Tokyo. BHP Billiton Ltd., the world’s largest mining company, advanced 1.3 percent on speculation economic growth will bolster metals demand.

“There is a temporary sense of security after the better- than-expected jobs data,” said Kiyoshi Ishigane, a strategist in Tokyo at Mitsubishi UFJ Asset Management Co., which oversees about $65 billion. “The market had been too pessimistic about the U.S. economy.”

The MSCI Asia Pacific Index gained 0.6 percent to 120.76 as of 10:43 a.m. in Tokyo, taking its four-day advance to 3.6 percent. The gauge is set to close at the highest level since Aug. 10. Japan’s Nikkei 225 Stock Average climbed 1.5 percent, while Australia’s S&P/ASX 200 Index gained 0.3 percent.

New Zealand’s NZX 50 Index increased 0.7 percent, led by building-related companies on speculation work tied to the clean-up of an earthquake in Christchurch will boost profits.

Futures on the Standard & Poor’s 500 Index gained 0.2 percent. The gauge rose 1.3 percent on Sept. 3 after a government report showed private payrolls climbed by 67,000 in August, more than the median forecast for an increase of 40,000 in a Bloomberg economist survey.

Samsung, Canon

Samsung Electronics, Asia’s biggest maker of chips, flat screens and mobile phones, added 1.4 percent to 772,000 won. The company said it may invest 30 trillion won ($25.6 billion) next year to expand its business.

Canon, which derives 28 percent of its sales in the Americas, advanced 1.3 percent to 3,595 yen in Tokyo. James Hardie Industries SE, the biggest seller of home siding in the U.S., rose 1.5 percent to A$5.47.

“The market will react to the jobs report positively because earlier forecasts were negative,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “I see risk-taking movements.”

BHP Billiton gained 1.3 percent to A$38.34, while Fortescue Metals Group Ltd. climbed 1.9 percent to A$4.89. Copper futures in New York rose 0.3 percent in electronic trading, the fourth straight day of gains.

Macquarie Group Ltd., Australia’s biggest investment bank, tumbled 4 percent to A$35.53 after saying first-half profit will fall 25 percent as faltering markets sap the flow of deals. The stock had the second-largest drop in the MSCI Asia Pacific Index.