Asian Stocks Head for First Weekly Gain in Three; Nomura Gains

July 17 (Bloomberg) -- Asian stocks rose, with the MSCI Asia Pacific Index set for its first weekly gain in three, as commodity prices rose and International Business Machines Corp. earnings beat analyst estimates.

Woodside Petroleum Ltd., Australia’s second-largest oil producer, gained 2.1 percent. Toshiba Corp., Japan’s biggest chipmaker, climbed 2 percent as IBM became the second technology bellwether this week after Intel Corp. to post forecasts that exceeded analyst targets. Macquarie Countrywide Trust jumped 14 percent after selling a stake in U.S. properties. Nomura Holdings Inc., Japan’s largest brokerage, gained 2.2 percent after the Nikkei English News said the nation’s investment banking revenue rose.

“Improved investor risk appetite is being reflected in rising stocks and positive sentiment on commodities,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “The market is starting to surmise that U.S. earnings will not be as weak as forecast.”

The MSCI Asia Pacific Index added 0.3 percent to 102.89 as of 9:40 a.m. in Tokyo, adding to its 4.6 percent advance in the past three days. The gauge has rallied 46 percent from a five- year low on March 9 amid optimism stimulus policies around the world will revive the global economy.

Japan’s Nikkei 225 Stock Average rose 0.3 percent, while South Korea’s Kospi Index added 0.3 percent. Taiwan’s Taiex Index climbed 0.8 percent.

Worst Is Over?

Futures on the Standard & Poor’s 500 Index lost 0.4 percent. The gauge reversed a loss of as much as 0.6 percent to finish 0.9 percent higher in New York yesterday as economist Nouriel Roubini said the worst of the financial crisis is over and reiterated that the recession may end this year. Roubini later said in a statement that his quotes were taken out of context.

“While the consensus is that the U.S. economy will go back close to potential growth by next year, I see instead a shallow, below-par and below-trend recovery,” Roubini, a New York University professor, said in the statement.

Woodside Petroleum added 2.1 percent to A$42.28 in Sydney. Crude oil for August delivery rose 0.8 percent to $62.02 a barrel in New York. An index of six metals traded in London increased 0.5 percent to the highest since June 12.

Toshiba rose 2 percent to 350 yen. IBM, the world’s biggest computer-services provider, said net income rose 12 percent in the second quarter. For the year, earnings will be at least $9.70 a share, a 50-cent increase from its previous forecast, the company said.

Nomura added 2.2 percent to 730 yen. Japanese investment bank commission revenue in the quarter ended in June rose 90 percent to $874 million from a year earlier, Nikkei English News reported, citing research firm Dealogic.

Macquarie Countrywide climbed 14 percent to 58.5 Australian cents. The company agreed to sell its 75 percent interest in a U.S. portfolio of 86 properties for $1.3 billion.