Advantest Corp.’s American depositary receipts traded 0.3 percent higher from the closing share price in Tokyo yesterday as Intel, the world’s biggest chipmaker, forecast sales that beat analyst estimates. Those of Canon Inc. climbed 0.5 percent as the yen weakened. Telstra Corp. rose 2.7 percent in Wellington on speculation the company had reached an agreement to sell its fixed-line assets to the Australian government’s national broadband network.
“The global economy is steadily recovering,” said Hiroichi Nishi, an equities manager at Nikko Cordial Securities Inc. “Investors will promptly buy shares when markets fall, on the backdrop of a rising trend overall.”
Yen-denominated futures on Japan’s Nikkei 225 Stock Average expiring in June closed at 11,190 yesterday in Chicago, compared with 11,165 in Singapore. They were bid in the pre-market at 11,210 as of 8:05 a.m. in Osaka.
Futures on Australia’s S&P/ASX 200 Index rose 0.4 percent today. New Zealand’s NZX 50 Index climbed 0.3 percent in Wellington even as the statistics office reported an unexpected decline in February retail sales.
The MSCI Asia Pacific Index has climbed 12 percent from this year’s low on Feb. 8 as improving U.S. economic data and positive company earnings boosted the outlook for the global economy. Stocks in the gauge trade at 16.3 times estimated earnings, compared with 14.9 times for the MSCI World Index of 23 developed nations.
Intel Sales
Futures on the Standard & Poor’s 500 Index increased 0.1 percent. The gauge rose 0.1 percent yesterday to the highest close since September 2008, as Fastenal Co.’s profit topped analysts’ estimates. Intel said second-quarter sales will be about $10.2 billion after the market closed. Analysts in a Bloomberg survey had estimated $9.72 billion on average.
The yen weakened to as much as 126.99 against the euro from 126.12 at the 3 p.m. close of stock trading in Tokyo yesterday. Against the dollar, the yen depreciated to 93.35 from 92.82.
Telstra, Australia’s largest phone company, climbed 2.7 percent to NZ$4.15. The company may have been offered A$9.75 billion ($9.05 billion) as part of a deal with the National Broadband Network Co., the Australian newspaper said, citing market speculation.
Toyota Sales Halt
In Tokyo, Toyota Motor Corp. may move. The world’s largest carmaker has temporarily halted sales of its Lexus GX 460 SUVs, Lexus General Manager Mark Templin said in an e-mailed statement.
Tokyo Electron Ltd. may be active today after the world’s second-largest maker of semiconductor equipment said orders for machines that make semiconductors and flat-panel displays rose last quarter to the highest level in two years.
China Southern Airlines Co. may move after the nation’s largest carrier said it expects sales and passenger traffic to grow by more than 10 percent this year.
Posco, Asia’s third-largest steelmaker, may be active in Seoul. The company’s first-quarter profit jumped more than fourfold, after it increased output to meet rising demand from makers of cars and home appliances.
