Dec. 21 (Bloomberg) -- Asian stocks rose by the most in two weeks as commodity prices climbed amid easing tensions on the Korean peninsula even after a military drill by the South yesterday, and as China reported "concrete action" to help stabilize Europe's economy. Sony Corp., the Japanese electronics maker that gets about 22 percent of sales from the U.S., gained 2.7 percent after a Federal Reserve official said growth in the world's biggest economy next year may be stronger than some economists forecast. BHP Billiton Ltd., the world's largest mining company, rose 1.3 percent in Sydney. Posco, the world's No. 2 producer of stainless steel, climbed 5.1 percent in Seoul after MoneyToday said the company is considering an acquisition. "All in all, stability -- both economic and political -- will always be well received by investors," said Prasad Patkar, who helps manage about $1.8 billion at Platypus Asset Management Ltd. in Sydney. "Markets are in a seasonally strong period but volumes are thin, which is also typical for this time of the year." The MSCI Asia Pacific Index rose 1 percent, the biggest increase since Dec. 3, to 134.73 as of 5:10 p.m. in Tokyo, with almost four stocks advancing for each that fell. The gauge climbed to a 2 1/2-year intraday high on Dec. 14 as U.S. economic reports boosted confidence in a global recovery, easing concerns that Europe's debt crisis and China's measures to slow inflation will hurt growth. Japan's Nikkei 225 Stock Average climbed 1.5 percent after the central bank kept its interest rates unchanged and said it maintained the size of its asset-buying fund at 5 trillion yen ($59.8 billion). Nuclear Inspections China's Shanghai Composite Index jumped 1.8 percent, while Hong Kong Hang Seng Index increased 1.6 percent. Australia's S&P/ASX 200 Index and New Zealand's NZX 50 Index rose at least 0.5 percent. South Korea's Kospi Index advanced 0.8 percent as tensions on the Korean peninsula eased after the North did not retaliate to military drills on Yeonpyeong Island, which is near a disputed sea border. Stocks also rose after North Korea agreed to let inspectors visit its uranium enrichment facilities, according to New Mexico Governor Bill Richardson, who is on an unofficial visit to the Communist country. Futures on the Standard & Poor's 500 Index gained 0.4 percent today. The index climbed 0.3 percent yesterday in New York as Barclays Plc raised its share-price estimate on Amazon.com Inc. and energy shares rallied. The index is near its closing level on Sept. 12, 2008, the last trading day before the bankruptcy filing of Lehman Brothers Holdings Inc. 'Getting Better' Federal Reserve Bank of St. Louis President James Bullard said provision of stimulus is "reviewable and changeable" depending on economic growth, which may be stronger next year than some economists forecast. Bullard said in an interview with CNBC yesterday that while Europe's fiscal crisis is "very serious" and may continue for "quite a while," recent U.S. economic data "bodes well" for 2011. "Consensus is forming that the global economy is gradually getting better," said Kenichi Hirano, general manager and strategist at Tachibana Securities Co. "Growth in the world economy is boosting commodity prices, and surplus money is going into commodities and stocks." Sony, maker of Bravia televisions and PlayStation gaming consoles, climbed 2.7 percent to 3,010 yen in Tokyo. Canon Inc., the world's biggest maker of cameras, rose 1.6 percent to 4,185 yen. Nintendo Co., the maker of the Wii video-game consoles, advanced 2.7 percent to 24,300 yen. BHP, Cnooc Gauges of energy and raw material producers advanced the most among the 10 industry groups in the MSCI Asia Pacific Index. All the gauges increased today.

Source