Profit streak fuels Asia

GLOBAL MARKET

Asian stocks were little changed as concern that higher oil prices will curb demand for exports countered better-than-expected earnings from Inpex Holdings, Samsung Heavy Industries Co and Compal Electronics.

The Morgan Stanley Capital International Asia-Pacific Index, which last week reached a record, was steady after two days of gains. India's benchmark index rose to a two-month high as the central bank left its key overnight lending rate unchanged. China Life Insurance Co led China's CSI 300 Index to a record after it posted a first-quarter profit of $1.2 billion and the Hong Kong Economic Journal newspaper said the insurer might sell a stake to Citigroup.

Benchmarks also rose in Hong Kong, South Korea, Taiwan and Pakistan. Japan was little changed, while elsewhere markets fell.

The MSCI index slid 0.1 per cent to 147.50 as of 7:07 pm in Tokyo. A measure of energy stocks gained 1.2 per cent, the biggest advance among 10 industry groups. Japan's Nikkei 225 Stock Average closed down less than 0.1 per cent to 17,451.77, after earlier climbing as much as 0.3 per cent.

US

US stock and index futures were little changed before a home-sales report that may show the real estate slump continues to drag down the economy. The Standard & Poor's 500 Index futures expiring in June added 0.4 to 1,488.70 at 11:55 am in London. Dow Jones Industrial Average futures were unchanged at 12,974. Nasdaq-100 Index futures gained 4 to 1,867.

Housing and consumer confidence reports due today may limit index gains, even as companies' earnings continue to beat analysts' estimates. About 30 per cent of the S&P 500 members have reported their latest quarterly results. Better-than-expected earnings spurred analysts to boost estimates for first-quarter earnings growth at S&P 500 companies to 6.2 per cent from 3.1 per cent a week previously, Bloomberg data show.

Europe

European stocks dropped for a second day after Groupe Danone, the world's largest yogurt maker, reported sales that trailed some analysts' forecasts and Yell Group said US revenue growth will slow.

The Dow Jones Stoxx 600 Index last week rallied to the highest in 6 1/2 years as earnings from companies, including Royal Philips Electronics and ASML Holding beat analysts' projections and amid takeover speculation. Results from Danone, Cie. Financiere Richemont and TeliaSonera AB disappointed investors today.