Asian Stocks Advance on Greek Debt Deal Talks, Japan Output Data
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Asian stocks rose, with a regional benchmark index headed for its biggest monthly rally since September 2010, as Greek Prime Minister Lucas Papademos said major progress was made in debt-swap talks and Japan’s industrial production grew faster than economists estimated.
Fanuc Corp., Japan’s top maker of factory robots, added 1 percent. Sumitomo Mitsui Financial Group Inc., Japan’s second-largest lender by market value, rose 1.5 after saying it will meet its full-year profit forecast. ICICI Bank Ltd. climbed 5.9 percent in Mumbai after the Indian lender posted earnings that beat estimates. Daewoo Shipbuilding & Marine Engineering Co., the world’s third-biggest shipyard, jumped 6.5 percent after winning a contract from Kuwait Oil Tanker Co.