Nov. 17 (Bloomberg) -- Asian stocks rose, led by technology and mining companies, after a report showed retail sales rebounded in the U.S. and commodity prices climbed.
Canon Inc. advanced 2.4 percent in Tokyo, after the company agreed to buy Oce NV, the world’s largest maker of wide-format printers. Those of Mitsubishi Corp., Japan’s biggest commodities trader, gained 1.8 percent after oil and metal prices climbed. Alumina Ltd., an aluminum producer, added 3.4 percent in Sydney.
“Consumption has been solid,” said Kazuhiro Takahashi, a general manager at Daiwa Securities SMBC Co. in Tokyo. “This will prompt hopes for the Christmas sales season.”
The MSCI Asia Pacific Index added 0.2 percent to 119.50 as of 9:50 a.m. in Tokyo. The gauge has climbed 69 percent from a more than five-year low on March 9. Japan’s Nikkei 225 Stock Average rose 0.3 percent. Australia’s S&P/ASX 200 Index added 0.2 percent. South Korea’s Kospi Index gained 0.2 percent.
Futures on the Standard & Poor’s 500 Index were little changed. The gauge rose 1.5 percent yesterday after government figures showed retail sales increased 1.4 percent in October after a 2.3 percent drop in September. The gain beat an estimate of a 0.9 percent gain by economists in a Bloomberg News survey.
Crude oil for December delivery jumped 3.3 percent to $78.90 a barrel in New York yesterday, the largest increase since Sept. 30. The London Metals Index, a measure of six metals including copper and zinc, climbed 4.7 percent yesterday, the biggest gain since Aug. 3.
The MSCI Asia Pacific Index’s rally since March outpaced gains of 64 percent for the S&P 500 and 59 percent for Europe’s Dow Jones Stoxx 600 Index. Stocks in the MSCI gauge are valued at 22 times estimated earnings, compared with 18 times for the S&P and 16 times for the Stoxx.
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