Asian stocks rose following the longest series of weekly losses since June after U.S. retail sales increased by the most in four months and Japans second- quarter gross domestic product beat economist estimates. Toyota Motor Corp. (7203), the largest carmaker by market value, climbed 2.4 percent in Tokyo. BHP Billiton Ltd. (BHP), the worlds largest mining company, gained 3.4 percent amid optimism metals demand will pick up. Melbourne-based Ansell Ltd. (ANN), the worlds No. 1 maker of surgical gloves, jumped 4.3 percent after full- year net income beat analyst targets.
The MSCI Asia Pacific Index rose 0.8 percent to 122.94 as of 9:49 a.m. in Tokyo, with about 10 stocks advancing for each that declined. The gauge dropped for the third straight week last week after Standard & Poors cut its rating on U.S. credit and as concern grew Europes debt crisis will spread, triggering speculation the economic recovery will weaken.
People had been worried about the U.S. economy over the medium term, but after retail sales and an earlier jobs report exceeded estimates, peoples fears werent amplified, said Kazuhiro Takahashi, a general manager at Daiwa Securities Capital Markets Co. in Tokyo. There will be some buying in exporters and large-cap stocks.
Japans Nikkei 225 Stock Average climbed 1.3 percent after the Cabinet office reported gross domestic product shrank at an annualized 1.3 percent rate in the three months ended June 30. The median forecast of 25 economists surveyed by Bloomberg News was for a 2.5 percent drop.
Australias S&P/ASX 200 Index gained 1.8 percent. Markets in India and South Korea are shut for a public holiday.
Futures on the U.S. S&P 500 Index advanced 0.8 percent. The gauge rose 0.5 percent on Aug. 12, capping the biggest two-day advance for benchmark indexes since March 2009, after the Commerce Department reported a 0.5 percent increase in retail sales for July.