Sony, the world's second-biggest maker of consumer electronics, surged the most in seven months in Tokyo. NEC Electronics, Japan's third-biggest chipmaker, had its steepest advance in 10 months. Qantas, Australia's biggest airline, jumped after engineers scrapped plans to strike over pay tomorrow.
The MSCI Asia Pacific Index gained 1.3 per cent to 151.83 as of 7:07 pm in Tokyo, its largest advance since May 2. Stocks on the benchmark index trade at an average 16 times earnings, compared with 24 times for the Standard & Poor's 500 Index. More than two stocks rose for each that declined today.
Japan's Nikkei 225 Stock Average added 0.9 per cent to 14,251.74. South Korea's Kospi Index gained 2.3 per cent, the most since April 2 and the biggest advance in the region. All other Asian benchmark indexes rose, apart from New Zealand, China and Hong Kong.
Europe
Most European stocks rose after a report showed the region's economy expanded more than forecast in the first quarter, easing concern that credit-market losses will curb growth.
Europe's Dow Jones Stoxx 600 Index slipped less than 0.1 per cent to 326.94 at 10:50 am in London, with six stocks rising for every five that declined. The index earlier lost as much as 0.8 per cent after Barclays Plc announced $3.3 billion in writedowns. Futures on the Standard & Poor's 500 Index added 0.1 per cent, and the MSCI Asia Pacific Index increased 1.5 per cent.
More From This Section
National benchmark indexes fell in nine of the 17 western European markets that were open. The UK's FTSE 100 was little changed. Germany's DAX slipped 0.1 per cent, and France's CAC 40 lost 0.2 per cent.
US
US stocks advanced for a third day on Wednesday after consumer prices climbed less than forecast and Freddie Mac's results bolstered speculation the worst credit-market losses are over.
The S&P 500 added 0.4 per cent to 1,408.66. The Dow Jones Industrial Average increased 0.5 per cent to 12,898.38. The Russell 2000 Index of small-cap stocks lost 0.1 per cent to 736.07. The VIX fell 1.8 per cent to a seven-month low of 17.66.