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Asian stocks rose as the fastest U.S. economic growth in a year and Europe’s debt deal boosted the outlook for exporters. U.S. economy grew in the third quarter at the fastest pace in a year as gains in consumer spending and business investment helped support a recovery that had been on the brink of faltering. Household purchases, the biggest part of the economy, rose at a 2.4 percent pace, beating estimates. Global stocks rallied yesterday after European leaders talked bondholders into accepting 50 percent writedowns on Greek debt and boosted their rescue fund’s capacity to 1 trillion euros ($1.4 trillion) in a crisis-fighting package intended to shield the euro area.
Nikkei 225 9,050 +123.93 +1.39%, Hang Seng 20,019 +330.54 +1.68%, S&P/ASX 200 4,353 +5.09 +0.12%, Shanghai Composite 2,473 +37.80 +1.55%Asian exporters advanced. Honda Motor Co., Japan’s second-largest carmaker by market value that gets 83 percent of its revenue abroad, rose 4.4 percent after U.S. household purchases beat estimates. Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics, rose 2.3 percent to 945,000 won. Li & Fung Ltd., a supplier of toys and clothes to Wal-Mart Stores Inc., jumped 5.4 percent to HK$15.56. Nintendo Co., Japan’s maker of video-game players that gets 39 percent of its sales in the Americas, jumped 6 percent to 11,780 yen.
European stocks declined from a 12- week high as investors waited to discover how the euro area plans to fund its enlarged bailout facility. In the U.S., a report showed that consumer confidence unexpectedly rose in October from September. The Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 60.9 from 59.4 the previous month. The preliminary reading for the month was 57.5.
National benchmark indexes declined in 13 of the 17 western-European markets that were open today. The U.K.’s FTSE 100 Index slipped 0.2 percent and France’s CAC 40 Index retreated 0.6 percent. Germany’s DAX Index gained 0.1 percent.
Petroleum Geo-Services fell 14 percent to 61.25 kroner, after reporting third-quarter net income of $13.5 million, compared with a loss of $40.4 million a year earlier. That missed the $32.6 million average of analysts’ estimates compiled by Bloomberg.
Wacker Chemie sank 9.8 percent to 76 euros. The Munich- based chemicals company reported third-quarter sales that trailed analysts’ estimates and forecast lower revenue in the fourth quarter.
YIT Oyj, Finland’s biggest builder, plunged 12 percent to 12.45 euros after posting third-quarter net income of 18.6 million euros. That missed the 38.1 million-euro mean estimate of eight analysts surveyed by Bloomberg.
Renault jumped 4.5 percent to 31.67 euros. The carmaker said revenue increased to 9.75 billion euros from 8.71 billion euros a year earlier. That beat the 9.63 billion-euro average of four analyst estimates compiled by Bloomberg. Societe Generale SA upgraded its stance on the shares to “buy” from “hold.”
Electrolux AB rallied 6.8 percent to 126.50 kronor. The Swedish maker of household appliances said third-quarter net income fell to 826 million kronor ($130 million) from 1.38 billion kronor a year earlier. Sales dropped to 25.65 billion kronor from 26.33 billion kronor. Both profit and sales exceeded analysts’ estimates in a Bloomberg survey.
SSAB AB surged 7.4 percent to 67.50 kronor after posting third-quarter net income and sales that topped estimates. The stock has rallied 28 percent this week, its largest advance since 1992.
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