Asian markets supported by industrial production in Japan (Bloomberg) (29-05-2009)

May 29 (Bloomberg) -- Asian stocks rose and were poised for the longest streak of monthly gains since the credit crisis began in 2007, as a better-than-forecast report on Japanese industrial production lifted mining and energy stocks.

The MSCI Asia Pacific Index climbed 0.6 percent to 100.8 as of 1:02 p.m. in Tokyo. The gauge rose 1.5 percent this week, taking its rally from a five-year low on March 9 to 43 percent.

Australia’s S&P/ASX 200 Index increased 1.7 percent. Hong Kong’s Hang Seng Index added 0.5 percent. Japan’s Nikkei 225 Stock Average added 0.1 percent as gains in the yen after the production report dimmed exporters’ earnings prospects.

Copper futures in New York gained as much as 1 percent today after Japan’s Trade Ministry said industrial production advanced 5.2 percent last month from March. Economists had estimated a 3.3 percent increase. Companies said they planned to increase output in May and June as well, the report showed.

BHP rose 2.3 percent to A$34.80. Mitsui & Co., a trading company that gets more than half its profit from commodities, gained 1.8 percent to 1,219 yen.

Toshiba Corp., Japan’s biggest chipmaker, climbed 2.6 percent to 357 yen after NHK television said the company will raise output of flash memory chips.

Inpex Corp., Japan’s largest oil explorer, climbed 6.8 percent to 774,000 yen. Woodside Petroleum Ltd., Australia’s No. 2 oil company, added 1.4 percent to A$43.58.

Bank of China climbed 3.4 percent to HK$3.34. The stock was upgraded to “buy” from “hold” by Deutsche Bank AG on expectation its foray into the international yuan settlement business will boost earnings.

Commonwealth Bank of Australia, the nation’s second-biggest bank by market value, rose 2.4 percent to A$34.78. Australia & New Zealand Banking Group Ltd. climbed 3.3 percent to A$15.88.

Source: Bloomberg