Asian stocks rose for the first time in four days as concern eased that Greece will exit Europe’s currency bloc, outweighing a report that profit growth slowed Chinese industrial companies.
Nintendo Co. (7974), a Japanese maker of video-game players that depends on Europe for a third of its sales, climbed 3.1 percent. Asics Corp. (7936), the sportsware maker that makes a quarter of sales in the debt-stricken region, advanced 2,9 percent. Renesas Electronics Corp. (6723), the world’s biggest maker of microcontrollers for cars, sank 8 percent after a person briefed on the matter said it plans to raise 100 billion yen ($1.3 billion) and eliminate more than 10,000 jobs.
The MSCI Asia Pacific Index (MXAP) climbed 0.2 percent to 111.89 as of 9:15 a.m. in Tokyo. The gauge is heading for a decline of 9.9 percent this month, the biggest monthly drop since October 2008, as slumping loan demand and factory output in China add to signs the slowdown in the world’s second-largest economy is deepening, and as European leaders pressure Greece to honor commitments to aid packages before elections next month.