NEW YORK SHARES

Asian stocks rose, with the regional benchmark index heading for its highest close in a month, amid speculation the Federal Reserve will extend stimulus measures and after the Group of 20 leaders pledged to support economic growth and help overcome Europe’s debt crisis.

Sony Corp. (6758), Japan’s biggest exporter of consumer electronics, gained 2.8 percent after the country’s overseas shipments rose. Sumitomo Mitsui Trust Holdings Inc. jumped 4.7 percent after the Japanese bank said it plans to boost overseas loans this year as it buys assets from European lenders. STX OSV Holdings Ltd. added 2 percent in Singapore after the world’s largest maker of offshore support vessels won contracts worth about $118 million.

The MSCI Asia Pacific Index (MXAP) climbed 0.8 percent to 116.70 as of 1:52 p.m. in Tokyo, heading toward its highest close since May 15. Almost three shares rose for each that fell on the gauge. More than $5 trillion has been erased from global equities since March amid concern economic growth is slowing in the U.S. and China, and as a spreading crisis in Europe pushed Spain’s borrowing costs to a record.

“There will be more measures taken by central banks to stimulate the economy,” said Daphne Roth, Singapore-based head of Asian equity research at ABN Amro Private Banking, where she helps oversee about $207 billion. “China also has more flexibility to ease monetary and fiscal policy.”

With contagion from the European debt crisis rippling through the world economy, participants at the G-20 summit in the beach resort of Los Cabos in Mexico backed measures to spur growth and cut budgets in Europe.

Trade Gap

Japan’s Nikkei 225 Stock Average (NKY) gained 0.9 percent after exports climbed 10 percent from a year earlier, according to data released by the Finance Ministry in Tokyo today. Imports increased 9.3 percent and the country reported a wider trade deficit in May than economists predicted as nuclear-plant shutdowns pushed up energy purchases from abroad.

“I did not expect that exports are this strong given the current world economic situation,” said Takao Goto, a market analyst at SBI Securities Co., Japan’s biggest online brokerage. “This is positive news for the market.”

Sony climbed 2.8 percent to 1.096 yen. Toyota Motor Co., the world’s biggest carmaker by market value, rose 1.2 percent to 3,050 yen. Panasonic Corp. (6752), Japan’s largest appliance maker, increased 2.7 percent to 600 yen.

Australia’s S&P/ASX 200 Index rose 0.2 percent. South Korea’s Kospi Index and Hong Kong’s Hang Seng Index increased 0.4 percent. China’s Shanghai Composite Index lost 0.1 percent. Trading volumes were below the 30-day average, according to data compiled by Bloomberg News.

Futures on the Standard & Poor’s 500 Index fell 0.2 percent today. The gauge advanced 1 percent yesterday and closed at its highest level in more than a month as analysts at JPMorgan Chase & Co., Jefferies & Co. and Goldman Sachs Group Inc. speculated the Federal Reserve will move to spur growth.

Operation Twist

Signs of slowing growth amid Europe’s debt crisis could mean the Fed, which began a two-day meeting yesterday, will extend its so-called Operation Twist, according to JPMorgan and Jefferies. The program involves selling short-term debt and buying longer-term bonds.

Exporters to the U.S. advanced. Li & Fung Ltd., a supplier of toys and clothes to Wal-Mart Stores Inc., rose 1.3 percent to HK$15.66 in Hong Kong. James Hardie Industries SE (JHX), a building materials supplier that counts the U.S. as its biggest market, gained 1.2 percent to A$7.81 in Sydney.

MSCI Slides

The MSCI Asia-Pacific lost 10 percent through yesterday from this year’s highest level in February amid signs economic growth was slowing as Europe struggled to contain its debt crisis. This left the gauge trading at 1.1 times book value, compared with 2.1 times for the S&P 500 and 1.4 times for the Stoxx 600, according to data compiled by Bloomberg. A number below one means companies can be bought for less than value of their assets.

Sumitomo Mitsui Trust climbed 4.7 percent to 222 yen in Tokyo. Japan’s fourth-biggest bank by market value is targeting 900 billion yen ($11.4 billion) in new overseas loans this year as it buys assets of European lenders and provides infrastructure loans in Asia, Shigeki Tanaka, general manager of wholesale business planning, said in an interview on June 18.

STX OSV Holdings (SOH) added 2 percent to S$1.55 after receiving orders for two platform supply vessels, valued at 700 million Norwegian kroner, from Farstad Shipping.

To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Adam Haigh in Sydney at ahaigh1@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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