By Linus Chua and Anna Kitanaka June 10 (Bloomberg) -- Asian stocks rose, led by energy producers, and U.S. index futures rebounded after economic reports from Japan to Australia showed accelerating growth. The New Zealand dollar advanced after the central bank raised interest rates and the Korean won fell. The MSCI Asia Pacific Index climbed 0.8 percent to 110.73 as of 2:18 p.m. in Tokyo, boosted by a 1.1 percent rally in the S&P/ASX 200 Index and a 0.8 percent increase in the Nikkei 225 Stock Average. Standard & Poor’s 500 index futures gained 0.6 percent. The New Zealand dollar strengthened against all 16 of its most-traded counterparts. Japan’s economy grew at an annualized 5 percent rate in the three months ended March and Australian employers added workers for a third straight month. The Federal Reserve’s Beige Book survey said the U.S. economy expanded in all its 12 districts for the first time in more than two years at a “modest” pace. Gains were limited as faster growth may prompt China to increase lending rates and New Zealand said inflation is a concern. “Macro data has been good and the signs of a modest recovery are on track,” said Nader Naeimi, a Sydney-based strategist at AMP Capital Investors, which holds $90 billion. “Macro economic data hasn’t really suffered. Volatility has been settling down a bit compared to what it was.” The S&P/ASX 200 Index climbed after Australia’s jobless rate fell to 5.2 percent from 5.4 percent. The number of people employed gained 26,900 from April, the statistics bureau said in Sydney today. The median estimate of 23 economists surveyed by Bloomberg News was for an increase of 20,000. Australian Banks Rise Commonwealth Bank of Australia, the country’s biggest lender, rose 1.5 percent in Sydney, and Westpac Banking Corp., the second largest, increased 2.6 percent. The Nikkei 225 climbed the most in a week after as more exports and an upward revision to consumer spending boosted the estimate for first-quarter economic growth. Fast Retailing Co., the country’s largest clothing chain operator, rose 0.9 percent. New Zealand’s dollar climbed after central bank Governor Alan Bollard raised the benchmark interest rate to 2.75 percent, the first increase in three years as the nation’s economy recovers from recession. He also said borrowing costs were raised as “underlying inflationary pressures are expected to increase.” The euro gained against the dollar and yen as better economic data in the Asia-Pacific region boosted demand for higher-yielding currencies. Europe’s common currency climbed to $1.2033 in Tokyo from $1.1979 in New York yesterday and rose 0.4 percent to 109.84 yen. Won Slumps South Korea’s won slumped 1.5 percent to 1,267.85 per dollar after Vice Finance Minister Yim Jong Yong said the government will “soon” announce plans to reduce volatility in capital flows. The Maeil Business Newspaper said today the regulations will limit banks’ currency-forward transactions, raising concern they may reduce foreign-exchange borrowings used to hedge such trades and take the proceeds out of the country. Crude oil reversed earlier losses in New York on expectations of higher fuel demand as China’s exports surged and as the falling dollar spurred investors to buy commodities. Oil for July delivery was at $74.36 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange. The contract earlier dropped as much as 0.9 percent. Copper for three-month delivery fell 1.2 percent to $6,265 a metric ton, and aluminum fell 0.6 percent to $1,917 a ton. Zinc declined 1.4 percent to $1,729.50 a ton. All three commodities slid for the first time in three days. China’s Shanghai Composite Index declined 0.5 percent, led by developers on concern the government will step up tightening measures after property prices rose 12.4 percent, the second- fastest pace on record last month. The 48.5 percent surge in May exports also surpassed all 32 estimates in a Bloomberg News survey of economists. The gauge jumped 2.8 percent yesterday. To contact the reporters for this story: Linus Chua at lchua@bloomberg.net; Anna Kitanaka in Tokyo at akitanaka@bloomberg.net

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