Asian streak continues

GLOBAL MARKETS

Asian stocks gained for a fourth day, the longest winning streak in seven weeks, after a capital injection into the biggest US mortgage lender reduced concern a rout in credit markets will derail economic growth.

The Morgan Stanley Capital International Asia-Pacific Index added 2.7 per cent to 148.79 as of 5:33 p.m. in Tokyo, extending a three-day, 5.7 per cent rally. All 10 of the benchmark's industry groups advanced, with a measure of raw-material producers that includes BHP posting the biggest gains.

The Nikkei 225 Stock Average climbed 2.6 per cent to 16,316.32 in Japan, where the central bank kept interest rates unchanged. Australia's S&P/ASX 200 Index rose 2.6 per cent, recouping all of this month's losses. Benchmarks advanced across the region, except in Pakistan.

Hong Kong's Hang Seng Index posted its biggest four-day rally in seven years as JPMorgan Chase & Co. raised its recommendation on the city's shares after China said this week it will let some of its citizens invest directly in the market.

Europe

European stocks rose for a fifth day after a capital injection into Countrywide Financial Corp, the biggest US mortgage lender, reassured investors a global credit rout won't spread and dent economic growth.

Barclays Plc, the third biggest UK bank, and Societe Generale SA led an advance by banks.

The Dow Jones Stoxx 600 Index added 0.9 per cent to 372.01 at 8:02 a.m. in London. Countrywide said yesterday it sold $2 billion of preferred stock to Bank of America Corp. to shore up its finances amid the nation's worst housing slump since the Great Depression.

The Stoxx 50 rose 0.9 per cent, as did the Euro Stoxx 50, a measure for the euro region. US stocks climbed for a fifth day yesterday. Futures on the Standard & Poor's 500 Index jumped 10.2 to 1,478.9 today, while Asian shares extended their streak of gains to four days.

US

US stock-index futures climbed after Countrywide Financial Corp received $2 billion of new capital, easing concern the credit rout will spread. Countrywide, the nation's biggest mortgage lender, surged more than 20 per cent in Europe. Citigroup Inc and Bank of America Corp, the largest US banks, also advanced. Goldman Sachs Group Inc increased as investors said its money-losing global hedge fund got a $3 billion cash injection.