Japanese Stock Futures, Australian Shares Gain on U.S. Manufacturing, Oil

Japanese stock futures and Australian shares gained as an expansion in U.S. manufacturing boosted confidence in a global economy recovery.

American depositary receipts of Canon Inc., a Japanese camera maker that gets about 80 percent of its sales abroad, gained 1.5 percent from the closing share price in Tokyo on Dec. 30. Those of Honda Motor Co., Japan’s second-largest automaker, advanced 1.8 percent. BHP Billiton Ltd., the world’s biggest mining company and Australia’s top oil producer, climbed 1 percent in Sydney today as prices of crude and copper gained.

“The soundness of the economic figures may ease investors’ recent worries,” said Kazuhiro Takahashi, a general manager at Tokyo-based Daiwa Securities Capital Markets Co. “Short-term funds are flowing into commodities and stocks.”

Futures on Japan’s Nikkei 225 Stock Average expiring in March closed at 10,335 in Chicago yesterday, compared with their close of 10,160 in Singapore on Dec. 31. They were bid in the pre-market at 10,320 in Osaka, Japan, at 8:05 a.m. local time today. Australia’s S&P/ASX 200 Index gained 0.6 percent today.

Futures on the Standard & Poor’s 500 Index were little changed today. The index gained 1.1 percent yesterday in New York, and all 10 industry groups advanced after reports showed U.S. manufacturing expanded in December at the fastest pace in seven months and construction spending in November rose for a third month. European manufacturing expanded more than initially estimated in December, London-based Markit Economics said.

The U.S.-based Institute for Supply Management’s manufacturing index rose to 57 in December from 56.6 in November. A reading greater than 50 points to expansion.

Oil, Copper Gain

Crude oil for February delivery increased 17 cents to $91.55 a barrel in New York yesterday, the highest settlement price since Oct. 3, 2008. Copper futures for March delivery climbed as much as 5.1 cents to a record $4.498 yesterday. The London Metal Exchange Index of six metals including copper and aluminum was closed for holiday.

The MSCI Asia Pacific Index increased 14.3 percent last year, compared with gains of 12.8 percent by the S&P 500 and 8.6 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark were valued at 14.9 times estimated earnings on average at yesterday’s close, compared with 14.9 times for the S&P 500 and 11.02 times for the Stoxx 600.