Asian Stocks Rise on Greece, Metals; BHP Billiton, Rio Advance

March 3 (Bloomberg) -- Asian stocks rose, erasing the MSCI Asia Pacific Index’s 2010 decline, as metal and oil prices advanced and concerns about Greece’s budget problems eased.

BHP Billiton Ltd. and Rio Tinto Ltd., the world’s largest and third-largest mining companies, rose more than 1.5 percent in Sydney. National Australia Bank Ltd., Australia’s fourth- largest bank, climbed 1.9 percent. The Greek government will announce as much as 4.8 billion euros ($6.5 billion) of additional deficit cuts today, bowing to pressure from the European Union and investors to do more to tame the region’s biggest shortfall, a person familiar with the plan said.

“Greece’s debt issue is moving toward a resolution,” said Hiroichi Nishi, an equities manager at Nikko Cordial Securities Inc. in Tokyo.

The MSCI Asia Pacific Index gained 0.4 percent to 120.43 as of 10:19 a.m. in Tokyo, leaving it little changed from the start of 2010. The gauge had lost as much as 5.2 percent this year amid concern governments will start withdrawing stimulus.

Australia’s S&P/ASX 200 Index rose 0.8 percent as the government reported the nation’s economy expanded 0.9 percent in the fourth quarter from the previous three months, the fastest pace in almost two years. New Zealand’s NZX 50 Index gained 0.6 percent. South Korea’s Kospi Index increased 0.4 percent.

Japan’s Nikkei 225 Stock Average dropped 0.2 percent. Jtekt Corp. slumped 3.1 percent in Tokyo after the Associated Press reported the auto-parts company supplied power-steering motors recalled by General Motors Co.

Futures on the Standard & Poor’s 500 Index were little changed. The gauge rose 0.2 percent to the highest since Jan. 20 yesterday, helped by corporate takeovers and a possible resolution to Greece’s budget issues. Banks advanced after analyst Richard X. Bove said the industry is stabilizing.

The London Metal Exchange Index of six metals including copper and zinc climbed 1.5 percent yesterday, a third day of gains. Crude oil for April delivery rose 1.3 percent to settle at $79.68 a barrel in New York. Gold futures rose 1.7 percent to $1,137.40 an ounce.