Asian Stock Futures Rise on U.S. Data as Yen Boosts Exporters

Asian stock futures rose after better-than-estimated U.S. data bolstered the outlook for the world’s largest economy and as concern over China’s cash crunch eased.

American Depositary Receipts of Toyota Motor Corp., the world’s largest carmaker, advanced 1.5 percent as the yen fell against the dollar, boosting the earnings outlook for Japanese exporters. ADRs of Cnooc, China’s biggest offshore oil producer, gained 2.3 percent from the close in Hong Kong as crude climbed for a second day as U.S. durable goods orders rose more than forecast in May. Those of BHP Billiton Ltd., the No. 1 mining company, increased 1.9 percent.

Futures on Japan’s Nikkei 225 Stock Average (NKY) expiring in September closed at 13,170 in Chicago, up from 12,940 at the close in Osaka, Japan. They were bid in the pre-market at 13,200 in Osaka at 8:05 a.m. local time. Futures on Australia’s S&P/ASX 200 Index advanced 0.6 percent and New Zealand’s NZX 50 Index rose 0.8 percent. Futures on Hong Kong’s Hang Seng Index gained 1 percent.

“Chinese shares are at a turning point,” Eiji Kinouchi, a technical analyst at Daiwa Securities Co., wrote in an e-mail. “We may safely say at least that Japanese shares are attractive enough to spur buying interest from world investors.”

Chinese stocks yesterday fell after posting the biggest swings in 22 months as the Shanghai Composite Index reached a four-year low and investors speculated the government will take steps to bolster financial markets. Japan’s Topix Index lost 1 percent yesterday, extending this month’s decline to 5 percent.

U.S. Futures

Futures on the Standard & Poor’s 500 Index fell 0.1 percent. The S&P 500 added 1 percent yesterday after bookings for U.S. durable goods rose 3.6 percent in May, government data showed, while separate reports on house prices, new-home sales and consumer confidence topped economists’ estimates.

China’s central bank will closely monitor the money-market rate and keep it at reasonable levels, Ling Tao, deputy director of the Shanghai branch of the People’s Bank of China, said yesterday.

Futures contracts on the Hang Seng China Enterprises Index of mainland Chinese companies trading in Hong Kong advanced 1.2 percent. The Bloomberg China-US Equity Index of the most-traded Chinese shares in the U.S. rose 1.9 percent in New York yesterday.

The MSCI Asia Pacific Index, the benchmark regional equities gauge, dropped 13 percent through yesterday from this year’s high on May 20 after Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank may start dialing down stimulus, and as money-market rates in China surged to records.

That left the gauge trading at 12.1 times average estimated earnings compared with 14.4 for the Standard & Poor’s 500 Index (SPX) and 12.4 times for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.

West Texas Intermediate crude oil for August delivery settled at $95.32 a barrel on the New York Mercantile Exchange. The Thomson Reuters/Jefferies CRB Commodity Index gained 0.2 percent yesterday.

The yen fell 0.4 percent to 98.16 per dollar as of 7:31 a.m. in Tokyo.

To contact the reporter on this story: 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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