Asian stocks, US futures advance
GM, Chrysler bailout plan may boost global economy.
Asian stocks advanced for a fourth day and US index futures gained on speculation lawmakers will approve a $15
billion bailout of American auto companies, the latest government effort to bolster the global economy.
Honda Motor Co. and Hyundai Motor Co. surged more than 9 percent as lawmakers reached a tentative agreement to rescue General Motors Corp. and Chrysler LLC that would protect jobs and parts suppliers. BHP Billiton Ltd., the world’s largest mining company, added 6.7 percent as oil and copper climbed. Mitsui O.S.K. Lines Ltd. jumped 10 percent in Tokyo after shipping costs advanced. An increase in Australian consumer confidence drove Westfield Group, the shopping mall operator, 3.5 percent higher.
The MSCI Asia Pacific Index rose 3.3 percent to 86.43 in Tokyo. The measure has gained 15 percent since November 20, when it reached a five-year low, as governments from Australia to the US. announced measures to combat the worst financial crisis since the Great Depression. Futures on the Standard & Poor’s 500 Index added 1.3 percent.
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