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Asian Stocks Climb on Possible US Debt Deal, Apple Earnings

July 20 (Bloomberg) -- Asian stocks rose, with the regional benchmark index set to close at its highest level in a week, on optimism U.S. lawmakers are moving toward a deal to help the government avoid a debt default and after Apple Inc.’s profit topped estimates, boosting the earnings outlook for exporters.

Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics, climbed 3.5 percent in Seoul. James Hardie Industries SE, the No. 1 seller of home siding in the U.S., rose 1.8 percent after construction of new homes in the country rose to a five-month high in June. BHP Billiton Ltd., the world’s largest mining company, advanced 1.9 percent in Sydney after oil and metal futures increased.

The MSCI Asia Pacific Index increased 1.2 percent to 136.84 as of 7:46 p.m. in Tokyo, headed for its highest close since July 8. About three stocks advanced for each that fell on the gauge. The measure dropped for the first week in four last week after European finance ministers declined to rule out a temporary default for Greece and as Moody’s Investors Service put the U.S. under review for a possible credit-rating downgrade.

“We’ve been hit by a lot of headline risks,” Stephen Wood, New York-based chief market strategist at Russell Investments, said on Bloomberg Television. “That’s being balanced by the fact that earnings are pretty darn good and the economy looks okay. That gives us a reasonably positive outlook for 2011.”

U.S. Debt Deal

Japan’s Nikkei 225 Stock Average rose 1.2 percent. South Korea’s Kospi Index gained 1.2 percent. Taiwan’s Taiex Index advanced 2.1 and Australia’s S&P/ASX 200 Index both climbed 1.8 percent. Hong Kong’s Hang Seng Index added 0.5 percent, while China’s Shanghai Composite Index lost 0.1 percent, erasing gains of as much as 0.7 percent.

Futures on the Standard & Poor’s 500 Index advanced 0.6 percent today after Apple reported profit topped estimates on record iPhone and iPad sales. The index rose 1.6 percent to 1,326.73 yesterday as President Barack Obama endorsed a $3.7 trillion debt-cutting plan by a bipartisan group of senators.

U.S. stocks surged as news of the proposal, which would combine tax increases and spending cuts, spurred optimism that lawmakers will reach an agreement that will help the nation avoid default.

Ford SHELBY vs CAMARO vs JEEP vs VAZ 2107 vs HELICOPTER – My cars ...

@man36021 dont whatever, me, the all mighty and powerful car GOD. you shall perish in…the ultimate torture to true car people. you will suffer in… HONDA LAND. where the only car is honda. not ford, GM, mercedes, lambo, nothing other than honda. live in enternety in honda land. your torture begins with your garage. HAHA! your 2008 honda civic!

@man36021 lol you got that off of ford.com, didnt you? lol thats what it says on thier website exactly. and i am pretty sure you have owned 20-30 fords already. well, thats because they dont drive well, low quality, cheap? yes, and you have not ever driven a chevy, have you? just go to your local chevy dealer ship and ask to test drive a camaro. then go in your mustang. then a challenger. i have done that exactly, and thats why i chose the camaro. its simply better.

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