Asian scrips log big gains

STOCK REPORT

Asian stocks rose the most in eight weeks, extending a global rally. Toyota Motor and Canon climbed after the yen weakened against the dollar and Wal-Mart Stores's profit beat estimates, boosting confidence that the spending in the US.

Mitsubishi UFJ Financial Group and National Australia Bank paced gains among banks after Goldman Sachs Group said it doesn't plan significant writedowns on mortgage-related securities, easing concern that credit-market losses will spread.

The Morgan Stanley Capital International Asia Pacific Index added 2.7 per cent to 162.46 as of 7:23 pm in Tokyo, the most since September 19. All 10 industry groups advanced.

Markets open for trading around the region climbed, except Pakistan. China's CSI 300 Index rose the most since August 20, after retail sales grew at the fastest pace in more than eight years.

Japan's Nikkei 225 Stock Average increased 2.5 per cent to 15,499.56, its first gain in nine days. China Mobile advanced in Hong Kong, where the Hang Seng Index rose 4.9 per cent, the most since August 20, after investors said a possible tie-up to sell Apple's iPhones may benefit the company.

EUROPE
European stocks climbed, following the biggest rally in two months for US shares and gains in Asian markets, after ArcelorMittal and UniCredit reported earnings that beat analysts' estimates.

The Dow Jones Stoxx 600 Index added 1.2 per cent to 372.84 as of 8:12 am in London. The Stoxx 50 also increased 1.2 per cent, and the Euro Stoxx 50, an index for the euro region, jumped 1.1 per cent.

National benchmarks rose in all of the 15 western European markets that were open. France's CAC 40 added 1.3 per cent and Germany's DAX increased 0.9 per cent. The UK's FTSE 100 rallied 1.2 per cent.

US
US stock-index futures rose on speculation that the potential for surprise losses and writedowns stemming from credit-market turmoil may be ebbing.

Standard & Poor's 500 Index futures expiring in December added 2.5 points to 1,485.80 as of 10:30 am in London. Dow Jones Industrial Average futures gained 19 points to 13,349 and Nasdaq 100 Index futures increased 2.25 points to 2,069.25.

US stocks rallied the most in two months on Monday after Wal-Mart Stores's profit beat analyst estimates and Goldman Sachs Group said it doesn't plan any significant writedowns on mortgage-related assets.