Asia rises for third day

GLOBAL MARKETS/ STOCK REPORT

Asian stocks rose for a third day, led by financial companies and consumer electronics makers, as better-than-forecast profits at U.S. banks and LG Electronics Inc. eased concern that slowing global growth will dent earnings.

Mitsubishi UFJ Financial Group Inc., Japan's largest bank by market value, jumped after JPMorgan Chase & Co.

Chief Executive Officer Jamie Dimon said the credit-market crisis is nearing an end. LG Electronics, the world's third-biggest television maker, rose the most in two weeks after operating profit jumped 21-fold to a record.

The MSCI Asia Pacific Index rallied 1.1 per cent to 146.30 as of 5:14 p.m. in Tokyo, adding to a two-day, 1.7 per cent increase. The benchmark has climbed 11 per cent since closing at a two-month low on March 17, after the U.S.

Federal Reserve supported the bailout of Bear Stearns Cos. and cut interest rates to shore up confidence in the financial system. Eight of the 10 industry groups on the gauge climbed on Thursday.

The Nikkei 225 Stock Average rose 1.9 per cent to 13,398.30, extending its rally from March 17 to 14 percent.

EUROPE
Stocks rose for a third day in Europe after earnings at International Business Machines Corp., LG Electronics Inc. and Sodexo beat analysts' estimates, easing concern the economic slowdown will curb profit growth. U.S. index futures declined.

Cap Gemini SA climbed in Paris after IBM, the world's largest computer-services company, said earnings this year will exceed its previous goals. LG Electronics, the world's third- biggest television maker, gained the most in two weeks in Korea.

The MSCI World Index added 0.3 per cent to 1,495.28 at 10:38 a.m. in London, with seven of the 10 industry groups increasing. Futures on the Standard & Poor's 500 Index fell 0.4 per cent as Citigroup Inc. downgraded U.S. Steel Corp.

US
US stock-index futures dropped on speculation that government reports on manufacturing in the Philadelphia region and jobless claims may suggest the economy is slipping closer to a recession.

US Steel Corp., the largest U.S.-based steelmaker by sales, fell in Germany after Citigroup Inc. downgraded its shares. Pfizer Inc., the world's biggest drugmaker, slipped before its first-quarter earnings report.

Futures indicated the Standard & Poor's 500 Index will retreat after profits from Intel Corp. and JPMorgan Chase & Co. that beat analysts' estimates sent the measure to its biggest gain in two weeks yesterday. Merrill Lynch & Co. and Google Inc. are scheduled to report on Thursday.

S&P 500 futures expiring in June lost 5.2, or 0.4 per cent, to 1,365.7 at 10:12 a.m. in London. Dow Jones Industrial Average futures dropped 35 to 12,619. Nasdaq-100 Index futures fell 5.75 to 1,856.5.