Asian Stocks Post Seventh Weekly Gain on U.S., China Data

Asian stocks rose, with the regional benchmark index posting its seventh weekly advance, after the U.S. Congress passed legislation on a budget deal and manufacturing reports from China and the U.S. added to signs of a global recovery.

Li & Fung Ltd., a supplier of toys and clothes to Wal-Mart Stores Inc., jumped 7.3 percent in Hong Kong. Rio Tinto Group, the world’s second-largest mining company that gets about 31 percent of sales from China, gained 3 percent in Sydney as Chinese manufacturing expanded for a third month. Fairfax Media Ltd. surged 14 percent amid speculation billionaire Gina Rinehart and investor John Singleton may seek control of the newspaper publisher.