Japan growth buoys Asia

GLOBAL MARKETS/ STOCK REPORT

Asian stocks jumped, led by the biggest gain in the Nikkei 225 Stock Average since 2002, as Japan's economy grew twice as fast as estimated and US retail sales unexpectedly gained.

Mizuho Financial Group climbed for the first time in seven days after the Japanese government said the economy expanded 3.7 per cent last quarter. Samsung Electronics and Toyota Motor led gains by companies that rely on US revenue.

The MSCI Asia Pacific Index added 3.7 per cent to 143.94 at 6:18 pm in Tokyo, set for its steepest advance since January 25.

Concerns that worldwide economic expansion will slow as losses mounted from the US sub-prime mortgage meltdown dragged the benchmark down 8.8 per cent this year. Japan's Nikkei 225 Stock Average jumped 4.3 per cent, the most since March 2002.

Benchmarks rose elsewhere in the region except in the Philippines. Incitec Pivot, Australia's largest fertiliser maker, and STX Pan Ocean, South Korea's biggest commodity- shipping line, led gains among shares that will be added to MSCI Inc.'s global indexes.

EUROPE
European stock-index futures climbed, following gains in the US and Asia, as earnings from Commerzbank and Zurich Financial Services beat analysts' estimates and resurrection in Japan's economic growth.

Commerzbank, Germany's second-largest bank, and Zurich Financial, Switzerland's biggest insurer, may advance. Rio Tinto Group may lead mining stocks higher after a report said Chief Executive Officer Tom Albanese may pursue acquisitions.

Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, increased 47 points, or 1.2 per cent, to 3,866 at 7:34 am in London.

US
US stock-index futures rose, pointing to a fourth day of gains for the Standard & Poor's 500 Index, as Japan's economy grew faster than expected and investors speculated exporters may weather an economic slowdown at home.

General Electric, the world's third-biggest company, and Boeing climbed in Europe.

"The news that Japan grew faster than expected is supporting the equity markets," said Chirin Gill at Daiwa SB Investments in London.

"It suggests that companies that derive revenue from outside the US could still post strong results. Asian economies could help bail the US out of a recession."

S&P 500 futures expiring in March climbed 2.3 points to 1,366.1 at 9:31 am in London. Dow Jones Industrial Average futures added 25 to 12,550. Nasdaq-100 Index futures increased 5.75 points to 1,826.25.