Asian stocks gain, set for best week since 2009

Asian stocks rose, with the regional benchmark index set for its biggest weekly rally since May 2009, and copper jumped a third day after European leaders agreed on a plan to contain the region’s debt crisis and U.S. data signaled an economic recovery.

The MSCI Asia Pacific Index climbed 1.2 percent as of 9:45 a.m. inTokyo, taking its weekly advance to 7.3 percent. Standard & Poor’s 500 Index futures were little changed after the gauge’s 3.4 percent advance yesterday. Copper gained as much as 1.4 percent in London. South Korea’s won strengthened 1 percent to 1,103.85 per dollar, while the euro traded at $1.4179 from $1.4189 yesterday, when it jumped 2 percent.

The deal to boost Europe’s bailout fund and write down Greek debt was hailed by U.S. PresidentBarack Obama as an “important first step” in resolving the crisis. French President Nicolas Sarkozy said China will “cooperate closely” to ensure the Group of 20 will contribute to the enlarged fund, while a person familiar said Japan plans to support the increase. Data today may show U.S. personal incomes and spending grew last month, after a report yesterday showed the economy expanded last quarter at the fastest pace this year.

“What they’ve done in Europe is put off the day of reckoning for a period of time,” Adrian Mowat, JPMorgan Chase & Co.’s Hong Kong-based chief Asian and emerging-market strategist, said in a Bloomberg Television interview. “The U.S. economic data is better. It’s unlikely we’ll retest the October lows.”

(source: Bloomberg)

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