Asian stocks rose for a third day after a government report showed the U.S. economy expanded faster than previously estimated, fueling confidence in a global economic recovery. Li & Fung Ltd., the largest supplier to Wal-Mart Stores Inc., climbed 2.8 percent in Hong Kong. Hon Hai Precision Industry Co., the world’s biggest electronics manufacturing services provider, advanced 1.7 percent in Taipei on speculation demand for its products will rise. BHP Billiton Ltd., Australia’s No. 1 oil and gas producer, increased 1.4 percent as crude oil prices rose to a two-year high. “The economic data is showing that the recovery is broadening from the emerging markets, and that even the U.S. recovery is entrenched,” said Prasad Patkar, who helps manage about $1.8 billion at Platypus Asset Management Ltd. in Sydney. The MSCI Asia Pacific Index Excluding Japan Index increased 0.4 percent to 472.19 as of 1:40 p.m. in Hong Kong, with almost the same number of stocks rising and falling. The gauge has climbed 5.2 percent this month as China refrained from raising interest rates and U.S. reports on consumer confidence, the trade deficit and unemployment beat analyst estimates. Australia’s S&P/ASX 200 Index rose 0.4 percent, its highest close since Nov. 5, as takeovers in the country surged to a record this quarter. New Zealand’s NZX 50 Index gained 0.3 percent as economists said the economy will rebound after a Statistics New Zealand report today showed gross domestic product unexpectedly contracted in the third quarter. U.S. Economic Growth Taiwan’s Taiex Index climbed 0.4 percent. Hong Kong’s Hang Seng Index increased 0.2 percent. China’s Shanghai Composite Index dropped 0.1 percent and South Korea’s Kospi Index slipped 0.2 percent. Japanese markets are closed today for a public holiday. Futures on the U.S. Standard & Poor’s 500 Index gained 0.1 percent today. U.S. stocks and oil climbed to the highest levels since 2008 yesterday after government reports showed the economy expanded faster than previously estimated and crude supplies dropped to the lowest level since February. The Standard and Poor’s 500 Index gained 0.3 percent to 1,258.84 at 4 p.m. in New York yesterday, driving its gain this year to 13 percent. The gauge rose for the fifth day after a report showed the world’s largest economy grew at a 2.6 percent annual rate last quarter, above the government’s previous estimate of 2.5 percent. Exporters Advance Li & Fung, which counts the U.S. as its biggest market, gained 2.8 percent to HK$44.45. Hon Hai Precision, which gets about 36 percent of sales from America, increased 1.7 percent to NT$118 in Taipei. Creative Technology Ltd., the consumer electronics maker whose music players compete with Apple Inc.’s iPod, rose 1 percent to S$4.05 in Singapore. Gauges of raw material producers as well as energy and consumer stable companies led the advance among the 10 industry groups in the MSCI Asia Pacific Excluding Japan Index. All industry gauges rose today. BHP Billiton gained 1.4 percent to A$46.47 in Sydney. PetroChina Co., that nation’s largest oil company, gained 0.8 percent to HK$10.02 in Hong Kong. Keppel Corp., the world’s biggest builder of oil rigs, increased 0.9 percent to S$10.82 in Singapore. Ezra Holdings Ltd., a provider of logistics services to the oil and gas industry, climbed 1.8 percent to S$1.74. Oil rose 0.7 percent to $90.48 a barrel in New York, with futures rallying after the U.S. Energy Department said stockpiles dropped 5.33 million barrels. Crude for February delivery reached the highest level since October 2008. Oriental Plaza Cheung Kong (Holdings) Ltd., Hong Kong’s second-largest developer controlled by billionaire Li Ka-shing, gained 1.5 percent to HK$122.20 on speculation Li is preparing to sell shares in a trust backed by the Oriental Plaza development in Beijing. Li hired Citic Securities International Co. to lead the sale of more than 10 billion yuan ($1.5 billion) of shares in the trust, which will be Hong Kong’s first yuan-denominated initial public offering, according to two people with knowledge of the matter. Cheung Kong owns 33.4 percent of Oriental Plaza, while Hutchison Whampoa Ltd. has 18 percent. The MSCI Asia Pacific Excluding Japan Index has risen 13 percent this year through yesterday on speculation that growth in corporate profits will weather Europe’s debt crisis, Chinese steps to curb property-price inflation and concern about the pace of the U.S. economic rebound. Mozambique Reserves Rio Tinto Group, the world’s third-biggest mining company, rose 0.5 percent to A$87.20 after offering A$3.9 billion ($3.9 billion) for Australian coking coal developer Riversdale Mining Ltd. to gain reserves in Mozambique as demand rises. Riversdale climbed 1.7 percent to A$16.57. Alliance Global Group Inc., owner of the Philippines’ largest casino and the local franchise of McDonald’s, jumped 6.3 percent to 11.80 pesos, the third-biggest advance on the MSCI Asia Pacific Excluding Japan Index today. The company said it will buy 60 percent of Fil-Estate Land Inc. for 5 billion pesos ($113 million) to expand its tourism-related business. Fil- Estate surged 26 percent to 1.16 pesos. Sun Pharmaceutical Industries Ltd., India’s largest drugmaker by market value, climbed 2.8 percent to 443.4 rupees after a U.S. appeals court ruled in its favor in a case involving the cancer drug Eloxatin. To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Shani Raja in Sydney at sraja4@bloomberg.net. To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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