Asian Stocks Gain

Asian stocks rose, helping a regional index to its best weekly gain in two months, after copper prices climbed to a one-week high and Credit Suisse Group raised its recommendation on some Japanese steelmakers.

BHP Billiton Ltd., the world's largest mining company, climbed to a three-week high. JFE Holdings Inc., the world's third-largest steelmaker, jumped the most in two months.

The MSCI Asia Pacific Index added 0.6 percent to 161.64 as of 10:02 a.m. in Tokyo, set for its highest close since Nov. 15. A measure of mining companies and steelmakers jumped 1.5 percent, the biggest advance among 10 industry groups.

The benchmark has gained 4.4 percent this week, the most since the five days ended Sept. 28. Gains helped trim the MSCI index's November loss to 6.1 percent, its worst monthly performance since May 2006.

Japan's Nikkei 225 Stock Average gained 0.7 percent to 15,623.06. Benchmarks climbed in other markets open for trading, Except New Zealand. The Philippines is closed for a holiday today.

Most U.S. stocks dropped yesterday, halting a two-day rally, after Sears Holdings Corp. reported lower profit and Goldman Sachs Group Inc. said banks' losses on home-equity loans may double in 2008. More than three stocks fell for every two that rose on the New York Stock Exchange.

Federal Reserve Chairman Ben S. Bernanke said volatility in credit markets has affected the economy's prospects and policy makers must decide whether the risks between growth and inflation have shifted. He spoke a day after remarks by Vice Chairman Donald Kohn fueled speculation the central bank will lower interest rates for a third straight meeting on Dec. 11.

Source - Bloomberg