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Energy scrips on a high

GLOBAL MARKETS/ STOCK REPORT

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Bloomberg Mumbai
Asian stocks advanced for a third day, led by energy-related shares, after declining US fuel stockpiles and attempted car bombings in the UK lifted the price of crude.
 
Caltex Australia, the nation's biggest oil refiner, rose the most in two weeks. Mitsui & Company, a Japanese trading company that generated about a sixth of last year's revenue from energy, jumped by more than 3 per cent for a second straight day.
 
"Terror threats seem to benefit energy shares as the market always seems to tie it back to West Asia and risks to supply,'' said Shane Oliver, who helps manage the equivalent of $83 billion at AMP Capital Investors in Sydney.
 
Samsung Heavy Industries Company, the world's second-biggest shipyard, climbed in South Korea after the company won a contract.
 
Japanese machinery makers rose, led by Fanuc, after the Bank of Japan's quarterly Tankan survey of business sentiment showed that companies increased their planned capital spending.
 
The Morgan Stanley Capital International Asia-Pacific Index gained 0.9 per cent to 154.27 in Tokyo, adding to a two-day, 1.3 per cent advance. It's less than half a point from its June 21 record close of 154.47. All 10 industry groups advanced.
 
Europe
European stocks declined for the first time in three days, paced by airlines, tour companies and insurers after attempted terrorist attacks in the UK The Air France-KLM Group and British Airways dragged the Dow Jones Europe Stoxx Travel & Leisure Index to the lowest in more than three months.
 
Thomas Cook Group, the travel operator created last month by a merger, fell after Credit Suisse Group recommended the shares as "underperform'' in new coverage. Royal & Sun Alliance Insurance Group led British insurers lower.
 
US
US stock-index futures rose before a report that may show that manufacturing growth in June stayed close to the highest in 13 months.
 
Apple shares gained in Europe after first figures indicated the company's initial iPhone sales met analysts' top estimates. Costco Wholesale, the largest US warehouse club, may climb after Goldman, Sachs & Company recommended buying the shares.
 
US stocks fell on June 29, erasing a 102-point rally in the Dow Jones Industrial Average, after a bomb scare in London and on concern that subprime loans may lead to more losses at banks. The S&P 500 has dropped 2.3 per cent since reaching a record high on June 4.

 
 

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First Published: Jul 03 2007 | 12:00 AM IST

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