Asian stocks rose the first time in three days, with a regional gauge set for the highest close since June 2008, after U.S. consumer sentiment beat estimates and Tokyo Electric Power Co. led Japanese utilities higher.
Shoppers in China lined up for gold this week, while in Hong Kong they rushed to buy bracelets and in India sought jewelry for weddings not set until December. The metal’s biggest price drop in three decades provoked the clamor.
The Internal Revenue Service has taken in a total of $2.7 billion from holders of offshore bank accounts, the agency said as it announced that 12,000 taxpayers responded to the second round of a partial amnesty program.
Panasonic Corp. had its best week in more than two years of Tokyo trading, following its forecast for a record $10 billion loss, showing some investors are betting Japan’s biggest exporters have hit bottom.
Asian stocks fell, with the regional benchmark index heading for a three-week low, as a drop in profit at Chinese industrial companies offset optimism policy makers around world will move to boost growth.
General Electric Co., the biggest maker of power-generation equipment, will join with Arista Power Inc. to sell systems that store electricity for commercial customers and release it when demand is highest, helping to cut bills.