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Asian stocks rose on stronger U.S. economic reports.
Exporters rose as consumer borrowing in the U.S. surged by the most in 10 years, indicating households are optimistic enough to take on debt and banks are more willing to lend.
Honda increased 1.4%. Hyundai Motor Co., South Korea’s largest automaker, advanced 2.3%. Samsung Electronics Co., the world’s second-biggest maker of mobile phones by sales, added 1%.
Olympus Corp. surged 20% after the Nikkei reported the scandal-hit camera maker will likely retain its listing on the Tokyo Stock Exchange and as the company took legal action against executives over a $1.7 billion accounting fraud.
European stocks rose as mining companies rallied after Alcoa Inc. (AA) kicked off the U.S. earnings season with results that met analysts estimates.
BHP Billiton Ltd. (BHP) climbed more than 3% as copper rebounded from a one-week low on record monthly imports of the metal in China.
European stocks retreated yesterday, trimming three weeks of gains for the Stoxx 600, as a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy failed to ease concern that euro-leaders will fail to do enough to resolve the sovereign-debt crisis.
The European stocks gained before Merkel and the International Monetary Fund’s managing director Christine Lagarde meet in Berlin.
A gauge of bank shares rose 3.6%. Commerzbank AG surged 4.8%, UniCredit SpA soared 6%.
US stocks rose amid bets that China may act to spur economic growth.
Stocks rose as a drop in China’s import growth bolstered forecasts for monetary easing. German Chancellor Angela Merkel and International Monetary Fund Managing Director Christine Lagarde were scheduled to meet in Berlin as pressure grows to complete a Greek debt swap needed to put a rescue plan in place.
US stocks pared gains as Alcoa Inc. (AA), the largest U.S. aluminum producer, tumbled from today’s peak.
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