Asia Stocks Rise, Led by Banks, as U.S. Leaders Strike Debt Deal

Asian stocks rose, snapping three days of declines, after U.S. President Barack Obama said congressional leaders reached an agreement to raise the nation’s debt ceiling and cut the federal deficit, boosting the outlook for banks and exporters.

Toyota Motor Corp., the world’s largest carmaker that counts North America as its biggest market, increased 0.5 percent in Tokyo. Samsung Electronics Co., the South Korean television maker that reports “America” is its second-biggest market for sales, rose 3.1 percent in Seoul. National Australia Bank Ltd., the nation’s No. 3 lender by marker value, gained 2 percent in Sydney. Mitsubishi UFJ Financial Group Inc., Japan’s largest listed lender by market value, jumped 4.1 percent after reporting first quarter profit tripled.