BLBG: Japan Stock Futures Gain in U.S. Trading; PetroChina, BHP Climb
By Eric Martin
Dec. 11 (Bloomberg) -- Japanese stock futures rose in U.S. trading after higher energy and metal prices triggered a rally in commodity producers that overshadowed concern Congress won’t rescue the American auto industry.
PetroChina Co. gained 7.7 percent as crude oil climbed on speculation that the economy and fuel demand will recover as U.S. lawmakers hammer out a $15 billion rescue of automakers. BHP Billiton Ltd., the world’s largest mining company, gained 9.3 percent, the most in two weeks, as gold and silver rallied.
The Bank of New York Mellon Asia ADR Price Index, which tracks American depositary receipts of the region’s companies, advanced 4.6 percent to 91.10.
Nikkei 225 Stock Average futures expiring in December were at 8,635 in Chicago at 6:27 a.m. Tokyo time, up from the closing levels of 8,610 in Singapore and 8,630 in Osaka, Japan. The benchmark yesterday gained 264.37, or 3.2 percent, to 8,660.24.
PetroChina, the nation’s biggest oil company, added $6.67 to $93.39. Oil for January delivery rose 3.4 percent to $43.52 as congressional Democrats and President George W. Bush’s administration reached an agreement on a rescue package for carmakers. The measure must be amended before it can pass the Senate, Republicans said.
BHP rose $3.56 to $41.77. Gold jumped the most in two weeks on speculation a weaker dollar and higher commodity costs will boost demand for the precious metal as a hedge against inflation. Silver also increased.
Toyota Motor Corp. jumped $4.18, or 7.1 percent to $63.40, Honda Motor Co. gained $1.95, or 9.7 percent, to $22.14 and Nissan Motor Co. rose 30 cents, or 4.2 percent, to $7.39. Japan’s three biggest automakers are working to boost funding for U.S. car loans and leasing to spur sales as the North American vehicle market shrinks, Nikkei English News said today, without citing sources.
To contact the reporter on this story: Eric Martin in New York at emartin21@bloomberg.net.