Asia Stocks Gain a Sixth Day as New Zealand Dollar, Oil Advance on Europe By Lynn Thomasson and Norie Kuboyama - Jan 23, 2012

Asian stocks rose for a sixth day, the longest winning streak in seven weeks, as the New Zealand dollar climbed on signs Europe is taking steps to tame the debt crisis. Oil extended yesterday’s rally after the European Union agreed to ban crude imports from Iran.

The MSCI Asia Pacific Index (MXAP) gained 0.2 percent as of 9:19 a.m. in Tokyo, bringing its advance since Jan. 16 to 4.9 percent. Standard & Poor’s 500 Index futures were little changed. The New Zealand currency strengthened 0.2 percent and the euro traded near the highest level in almost three weeks. Oil increased 0.4 percent to $99.88 a barrel, adding to a 1.3 percent jump yesterday.

Markets in China, Hong Kong, South Korea and Singapore are shut for the Lunar New Year holiday. Germany floated the idea of combining Europe’s two rescue funds yesterday, a concession to bolster the fight against the fiscal crisis as Greece bargained with bondholders over debt relief. India’s economic growth outlook has weakened and inflation remains elevated, the nation’s central bank said on Jan. 23, signaling it may leave interest rates unchanged.

“The worst scenario that Greece will break away from the euro region is gone, easing excessive worries about the European debt issues,” said Fumiyuki Nakanishi, a strategist at Tokyo- based SMBC Friend Securities Co. “Globally, a feeling of confidence to buy stocks is emerging.”

Apple Inc., McDonald’s Corp. and Johnson & Johnson are among U.S. companies scheduled to report quarterly results today. Earnings topped estimates at about 65 percent of the 52 companies in the S&P 500 that released results since Jan. 9, data compiled by Bloomberg show.

Elpida Memory Inc. (6665) rallied 4.8 percent for the biggest jump in the MSCI Asia Pacific Index. The Japanese chipmaker is in talks with Micron Technology Inc. and Nanya Technology Corp. for a three-way merger, the Yomiuri newspaper reported, without saying where it got the information.

To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net; Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
®2012 BLOOMBERG L.P. ALL RIGHTS RESERVED.