Asian stocks headed for the biggest three-day gain since December, as financial firms advanced amid optimism European policy makers will support the monetary union and after companies including Konica Minolta Holdings Inc. reported earnings.
About 40 percent of Japan’s 84 listed regional banks are forecasting lower profit this fiscal year as profitability is squeezed by near zero interest rates, according to a report by Nomura Holdings Inc.
Japan’s Topix declined for a sixth day, erasing almost all of its gains since the March earthquake, as ripple effects from Standard & Poor’s downgrade of the U.S.’s credit rating roiled global markets.
Japan’s Nikkei 225 Stock Average rose 106.93, or 1.1 percent, to 9,732.92 at the close of Tokyo trading. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Shizuoka Bank Ltd. and Suruga Bank Ltd. are among Japanese regional lenders that may embark on another round of stock buybacks this fiscal year to boost shareholder returns, according to Nomura Holdings Inc.
Japanese stocks rose, driving the Nikkei 225 Stock Average to its highest level in more than three months, after a government report last week showed the U.S. added more jobs than forecast, and as commodity prices increased.
Japanese stocks fell the most in two weeks after a report showed U.S. employment stagnated, stoking concern the world’s biggest economy may slip into a recession and damping the earnings outlook for Asian exporters.