Asian stocks climb

GLOBAL MARKETS/ STOCK REPORT

Asian stocks climbed the most in a week after earnings from Telstra and Tabcorp Holdings raised optimism the region will overcome a US economic slowdown.

"The US is just not as important to the emerging countries and the emerging stock markets of the world as it used to be," Michael Gordon, global head of institutional investments at Fidelity International said on Thursday. "It will be Asia that has to bail out the US, not the other way around."

The MSCI Asia Pacific Index surged 1.7 per cent to 144.16 at 5:15 pm in Tokyo, the biggest gain since February 14, with all 10 of its industry groups advancing. The gauge is down 8.7 per cent this year amid speculation the US economy will fall into recession, denting demand for Asian goods.

Japan's Nikkei 225 Stock Average rose 2.8 per cent to 13,688.28, the largest increase among Asia's national indexes. About half of the region's benchmarks advanced.

EUROPE
European stock-index futures advanced, following gains in US and Asian equities. Total SA and Repsol YPF SA may climb after oil reached an all-time high.

Nestle, the world's largest food company, will probably rise after reporting profit that topped analysts' estimates. Cie. de Saint-Gobain SA might advance after JPMorgan Chase & Co. recommended buying shares in the provider of building materials.

Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, added 30 points, or 0.8 per cent, to 3,800 at 7:39 am in London.

Europe's Stoxx 600 yesterday dropped 1.2 percent on concern expanding credit markets will curb earnings. The benchmark has lost 12 percent this year.

US
US stock-index futures rose, as an upgrade of Cisco Systems by Citigroup overshadowed speculation that reports on Thursday will provide further evidence of an economic slowdown.

Cisco, the world's largest maker of computer-networking equipment, gained in Germany after Citigroup recommended its shares. Micron Technology, the biggest US maker of memory chips, declined after a researcher said Apple slashed its projected orders for the semiconductor this year.

Standard & Poor's 500 Index futures expiring in March added 2.4 points to 1,361.4 as of 10:07 am in London. Dow Jones Industrial Average futures increased 21 to 12,450. Nasdaq-100 futures gained 4 to 1,793.25.