Toyota climbed 3 percent. Asia’s largest carmaker raised its net income, operating profit and revenue forecasts for the year ending March 31 after the close of trading in Tokyo yesterday.Toyota climbed 3 percent. Asia’s largest carmaker raised its net income, operating profit and revenue forecasts for the year ending March 31 after the close of trading in Tokyo yesterday. Photographer: Kiyoshi Ota/Bloomberg 
Feb. 8 (Bloomberg) -- Benjamin Pedley, head of investment strategy for North Asia at HSBC Private Bank, talks about global stock markets. He also discusses Australia's economy and central bank monetary policy. He speaks in Hong Kong with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg) European stocks rose for the first time in three days and the euro touched an eight-week high as Greek leaders worked on a rescue plan with creditors. The Nikkei 225 Stock Average closed above 9,000 for the first time since October, while copper led a rally in metals.
The Stoxx Europe 600 Index climbed 0.4 percent as of 8:26 a.m. in London. Standard & Poor’s 500 Index futures added 0.2 percent and the MSCI Asia Pacific Index jumped 1.3 percent, the biggest gain in three weeks. The euro advanced less than 0.1 percent, while the yen dropped 0.4 percent against the dollar. Oil climbed 0.8 percent after an industry report showed U.S. crude stockpiles decreased. Copper gained 1.8 percent and Treasury 10-year yields rose two basis points to 1.99 percent.
Greek Prime Minister Lucas Papademos will meet with the nation’s political leaders to negotiate terms required for a 130 billion-euro ($172 billion) rescue package. The U.S. government plans to sell $24 billion of 10-year notes today and $16 billion in 30-year bonds tomorrow. While geo-political risks have risen, including Iran’s nuclear ambitions and Syria’s bloody crackdown, investors are taking their cue from policy makers who are driving down interest rates and flooding the world with cash to prop up their economies.
“I’m very bullish on the market,” Laurence D. Fink, chief executive officer of BlackRock Inc., the world’s largest money manager, said in a Bloomberg Television interview from Hong Kong today. “I don’t have a view that the world is going to fall apart, so you need to take on more risk. You need to overcome all this noise and there are great values in equities.”
The MSCI Asia Pacific Index has risen 18 percent from a two-year low in October, approaching the 20 percent increase that signifies a bull market to some investors. The measure trades at 14 times estimated earnings, the highest level in 11 months, according to data compiled by Bloomberg.
The balance sheets of the world’s six biggest central banks have more than doubled since 2006 to $13.2 trillion, according to Chicago-based Bianco Research LLC. The VIX, a measure of equity volatility known as the “fear index,” fell to 17.1 on Feb. 3, the lowest level since July, according to the Chicago Board Options Exchange. The Bank of America Merrill Lynch MOVE index, which measures swings in bond prices, closed at 72.3 on Feb. 6, about the least since July 2007.
Toyota climbed 5 percent. Asia’s largest carmaker raised its net income, operating profit and revenue forecasts for the year ending March 31 after the close of trading in Tokyo yesterday. Bharti Airtel Ltd., India’s largest wireless operator, tumbled 5.8 percent after reporting profit that missed analysts’ estimates as customers curbed mobile-phone use amid rising call rates.
Visa Inc., Moody’s Corp. and Time Warner Inc. are among U.S. companies scheduled to report earnings today. Profits have beaten estimates at 68 percent of the 287 companies in the S&P 500 that have released results since Jan. 9, data compiled by Bloomberg show.
The euro touched $1.3287, the highest level since Dec. 12. Charles Dallara, managing director of the International Institute of Finance, Deutsche Bank AG Chairman Josef Ackermann and Jean Lemierre, a senior adviser to the chairman of BNP Paribas SA, had “constructive” talks with Greek Premier Papademos and Finance Minister Evangelos Venizelos, according to an e-mailed statement yesterday.
China may “move shortly” to help Europe resolve its debt crisis by providing an investment of as much as 100 billion euros ($133 billion), said Yuan Gangming, an economist at the Chinese Academy of Social Sciences, in an interview in Beijing Feb. 6. Economists from the academy provide policy advice without direct involvement in decisions.
The yuan approached an 18-year high after the central bank raised the currency’s reference rate ahead of Chinese Vice President Xi Jinping’s visit to the U.S. The People’s Bank of China set the fixing 0.14 percent stronger, the most since Dec. 30, to 6.3027 per dollar. The yuan rose 0.17 percent to 6.2943 per dollar.
“The Greek progress has lifted market sentiment as people see a glimpse of hope,” said Stella Lee, president of Success Futures & Foreign Exchange Ltd. in Hong Kong. “The yuan’s reference rate is likely to stay strong, if not strengthen further, in the next few days. It could facilitate peaceful bilateral talks when Xi meets U.S. leaders.”
The Shanghai Composite Index advanced 2.4 percent, the most in three weeks. Chinese officials will increase support for construction of affordable housing and ensure that “loan demand from first-home families” is met, the central bank said yesterday.
Zoomlion Heavy Industry Science and Technology Co., a Chinese construction equipment maker, added 4.3 percent and China Resources Land Ltd. (1109), a property developer, rose 3.1 percent in Hong Kong.
Jiangxi Copper Co., China’s largest producer of the metal, surged 6.2 percent in Hong Kong. Three-month delivery copper advanced to $8,630 a metric ton on the London Metal Exchange.
The cost of protecting Japanese corporate bonds from default is set for a seventh daily decline, according to traders of credit-default swaps. The Markit iTraxx Japan index fell three basis points to 146, Deutsche Bank AG prices show. The index is headed for its lowest close since Sept. 2, according to data provider CMA.
The yen weakened versus all of its 16 major peers after the government said Japan’s current-account excess shrank 44 percent in 2011 to 9.63 trillion yen ($125 billion).
Brent oil for March settlement on the London-based ICE Futures Europe exchange gained as much as 38 cents to $116.61 a barrel. The European benchmark crude was at a premium of $17.42 to West Texas grade, down for a second day. The spread was $19.02 on Feb. 6, the widest in three months.
U.S. crude inventories fell 4.5 million barrels in the seven days ended Feb. 3, the first drop in three weeks, the American Petroleum Institute said. An Energy Department report today may show supplies rose by 2.5 million barrels, according to a Bloomberg News survey of analysts.
To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net; Susan Li in Hong Kong at sli31@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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