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Asian stocks rose, with a regional index heading for its longest winning streak in three months, as investors bet Australia’s central bank will cut interest rates tomorrow, corporate earnings beat estimates and confidence among South Korean manufacturers improved.
Hang Seng 21,094.21 +352.76 +1.70%
S&P/ASX 200 4,396.58 +34.53 +0.79%
Shanghai Composite Closed
Australia & New Zealand Banking Group Ltd. advanced 1.1% on speculation the Reserve Bank of Australia will cut interest rates to bolster economic growth.
BHP Billiton Ltd., the world’s biggest mining company, increased 1.9% in Sydney as copper futures gained.
Samsung Heavy Industries Co. jumped 5.8% in Seoul after the nation’s No. 2 shipbuilder posted earnings that beat analysts’ estimates.
European stocks fell, extending the biggest monthly drop since September, as Spain entered a recession and U.S. business activity expanded at the slowest pace since November 2009.
Vestas Wind Systems A/S (VWS) slid 3.4% as Credit Suisse Group AG recommended investors sell the shares.
AB InBev lost 1.2%. The world’s biggest brewer reported a 6.2 percent gain in first-quarter revenue, excluding acquisitions, disposals and currency fluctuations. The median estimate of eight analysts was for a 6.6 percent increase.
Adidas climbing 5.3% to the highest since its 1995 initial public offering. The company forecast a 12% to 17% increase in full-year profit, higher than a previous prediction of 10% to 15% growth.
US Stocks fell as a report showed that business activity expanded at the slowest pace since November 2009 and Spain’s economy entered into a recession.
Equities fell as the Institute for Supply Management- Chicago Inc. said its barometer slid to 56.2 during the month, lower than the most pessimistic forecast in a survey. Spain contracted in the first quarter, putting the euro region’s fourth-largest economy into its second recession since 2009. Consumer spending in the U.S. rose in March.
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