Asia stocks gain a 3rd day on global growth

DHAKA: Asia stocks rose a third day after bigger-than-expected gains in Japanese retail sales and US housing boosted confidence in global growth.

But the dollar fell before a European summit on the debt crisis, reports Bloomberg.

The MSCI All-Country World Index added 0.3 percent as of 8:13am in London.

The Stoxx Europe 600 Index increased 0.1 percent. Futures on the Standard & Poor’s 500 Index lost 0.1 percent after the gauge climbed 0.9 percent yesterday.

Commodities rose for a fifth day, with oil up as much as 0.6 percent to $80.70.

The dollar fell against most of its major counterparts. The euro rebounded following a three-day slide.

Japanese retail sales beat estimates and South Korea’s current-account surplus widened to a six-month high, following reports yesterday that orders for US durable goods and contracts to buy homes rebounded in May.

Those signs of economic resilience outweighed concern that today’s summit in Europe won’t yield results after German Chancellor Angela Merkel hardened her position against joint euro bonds.

‘The question is do we have a sustainable, global economic recovery in any shape or form?’ said Viktor Shvets, the head of thematic equity research at Credit Suisse Group AG in Hong Kong.

BDST: 1343 HRS, JUN 28, 2012

Edited by Robab Rosan, Cultural Affairs Editor