May 17 (Bloomberg) -- Asian stocks rose after Japan's economy grew more than expected in the first quarter and oil prices fell to a three-month low, easing concern global growth will slow. Exporters such as Toyota Motor Corp. gained.

``I'm bullish on stocks,'' said Shigeharu Shiraishi, who helps manage about $16 billion in assets as a managing director at Societe Generale Asset Management (Japan) Co. in Tokyo. ``Consumption has been quite strong and is set to continue that way, so that's going to be a big support.''

The Morgan Stanley Capital International Asia-Pacific Index, which tracks 945 stocks, advanced for the first day in seven. The regional index added 0.1 percent to 96.14 at 11:20 a.m. in Tokyo. Automakers and computer-related stocks, which rely on consumer spending, accounted for almost half the gain.

Japan's Nikkei 225 Stock Average rose 0.3 percent to 10,978.11, while South Korea's Kospi index climbed 0.6 percent. Indexes in Taiwan, New Zealand, Malaysia and the Philippines also rose, while Hong Kong's Hang Seng Index lost 0.7 percent in early trading. Other benchmarks were little changed.

Australia's Macquarie Bank Ltd., the world's most profitable investment bank in terms of shareholder returns, gained after reporting earnings that beat some analyst estimates.

In the U.S., the Standard & Poor's 500 Index climbed 1 percent, while the Dow Jones Industrial Average jumped 1.1 percent after oil prices held below $49 a barrel.

Toyota, Japan's biggest company by market value, rose 0.8 percent to 3,850 yen. Canon Inc., the fifth biggest, climbed 1.6 percent to 5,650 yen.

Trigger

The Nikkei rose for the first day in seven after the Cabinet Office said Japan's economy, the world's second biggest, expanded at an annual 5.3 percent pace in the three months ended March 31. That exceeded the 2.4 percent median forecast in a Bloomberg News survey of 28 economists.

Consumer spending climbed 1.2 percent from the previous three months, the first gain in a year, more than the 1.1 percent increase forecast by economists.

``The better-than-expected GDP report may well become the trigger for a rebound,'' said Kenji Tomida, general manager of the equity investment department at T&D Asset Management Co. in Tokyo, which looks after about $18 billion in assets. ``The figures are prompting some relief buying.''

Oil Drops

Crude oil for June delivery fell 6 cents to $48.61 a barrel yesterday on the New York Mercantile Exchange. It touched $47.60 a barrel, the lowest intraday price since Feb. 18.

Samsung Electronics Co., South Korea's largest exporter, rose for a fourth day, gaining 0.9 percent to 492,500 won. The company generated 83 percent of its sales came from abroad last year. AU Optronics Corp., the world's third-largest maker of flat- panel displays used in computers and televisions, climbed 1.2 percent to NT$51.40.

Macquarie jumped 3.6 percent to A$49.74. The bank's second- half net income more than doubled to A$539 million ($408 million) as it reaped fees from advising on mergers and boosted income from managing funds. Earnings beat the A$505 million median estimate of six analysts surveyed by Bloomberg.

Analysts may boost their 2006 profit estimates by about 10 percent, said Shawn Burns, who helps manage the equivalent of $5.5 billion at Deutsche Asset Management and holds shares of Macquarie Bank.

To contact the reporter on this story: Darren Boey in Hong Kong at dboey@bloomberg.net; Tomoko Yamazaki in Tokyo at tyamazaki@bloomberg.net.

Last Updated: May 16, 2005 22:26 EDT