Asian Stocks Pare Decline as Profits Temper Europe Debt Concern

Asia’s benchmark stock index pared its seventh loss in eight days as concern Europe will fail to contain its debt crisis was tempered by higher profits from the U.S. to Japan and Australia.

Telstra Corp., Australia’s largest telephone company, climbed 5.7 percent in Sydney after second-half profit beat analysts’ estimates. Zijin Mining Group Co., China’s biggest gold miner by market value, gained 3.2 percent in Hong Kong after futures on the precious metal surged a fourth day on demand for a haven amid European debt concerns. HSBC Holdings Plc, Europe’s biggest lender by market value, fell 2.9 percent in Hong Kong. Canon Inc., the world’s biggest camera maker by market value, dropped 1.5 percent in Tokyo.