Japanese, Australian Stock Futures Rise on Europe Economic Growth Forecast

Japanese and Australian stock futures rose after a forecast for faster European economic growth boosted confidence in a global recovery.

American depositary receipts of Sony Corp., a Japanese electronics maker that earns more than 40 percent of its revenue from the U.S. and Europe, gained 0.4 percent from the closing share price in Tokyo. Those of Canon Inc., the world’s largest camera maker, advanced 0.3 percent. ADRs of BHP Billiton Ltd., Australia’s biggest oil producer, climbed 1.1 percent from the closing share price in Sydney as crude oil and metal prices increased.

“The sense of uncertainty about the future of the global economy is easing,” said Masumi Yamamoto, a market analyst at Tokyo-based Daiwa Securities Capital Markets Co. “There had been concern that credit risk would have a bad impact on the economy.”

Futures on Japan’s Nikkei 225 Stock Average expiring in December closed at 9,295 in Chicago yesterday, compared with 9,260 in Osaka, Japan. They were bid in the pre-market at 9,290 in Osaka at 8:05 a.m. local time today. Futures on Australia’s S&P/ASX 200 Index gained 0.3 percent, and New Zealand’s NZX 50 Index rose 0.2 percent in Wellington.

Futures on the Standard & Poor’s 500 Index were little changed today. The index climbed 1.1 percent yesterday in New York to the highest level in a month after China reported an increase in industrial production and the European Commission said Europe’s economy may grow almost twice as fast as previously forecast this year with a more “moderate” expansion in the second half.

European Economy

Gross domestic product in the 16-nation euro region will likely increase 1.7 percent this year instead of the 0.9 percent projected at the depth of Europe’s fiscal crisis in May, the Brussels-based commission said in a report published yesterday.

Computer-chip makers gained yesterday after research firm Gartner Inc. said semiconductor capital-equipment spending will more than double this year from 2009.

The yen depreciated to as low as 107.85 against the euro today in Tokyo from 107.54 at the close of stock trading yesterday, boosting the value of overseas income at Japanese companies when converted into their home currency.

Crude oil for October delivery climbed 1 percent to $77.19 a barrel yesterday in New York, the highest settlement price since Aug. 11. The London Metal Exchange Index of six metals including aluminum and copper jumped 1.8 percent yesterday, the first gain in three days.

The MSCI Asia Pacific Index has fallen 4.1 percent from its high this year on April 15 on concern Europe’s debt crisis and China’s steps to curb property prices will slow global economic growth. Stocks in the index trade at 14.1 times estimated earnings on average, compared with 13.5 times for the Standard & Poor’s 500 Index and 12 times for the Stoxx Europe 600 Index.