Asian Stocks Gain on Greece Aid Pledge, China Easing Speculation

Asian stocks rose, with the region’s key index snapping seven straight weeks of declines, amid speculation China may not take further steps to cool its economy, and on diminishing concern that Europe’s debt crisis will hurt bank earnings.

Aluminum Corp. of China Ltd. gained 2.9 percent in Hong Kong. Mizuho Financial Group Inc., Japan’s third-largest bank by market value, rose 1.6 percent in Tokyo after European Union leaders vowed to rescue Greece from default. Sony Corp., Japan’s No. 1 exporter of consumer electronics, which receives more than 20 percent of sales from Europe, advanced 2.4 percent. Qantas Airways Ltd., Australia’s biggest airline, climbed 1.9 percent in Sydney after oil prices slid 4.6 percent in New York yesterday. Oil producer Woodside Petroleum Ltd. sank 0.5 percent.