Japan's
stocks jumped the most in almost two months after orders for durable
goods in the U.S. unexpectedly rose in April, easing concern an
economic slowdown will curb spending in Japan's biggest export market.
Sony
Corp., which gets a quarter of its sales from the U.S., sent
electronics makers higher, while Canon Inc. jumped the most in a month.
Mazda Motor Corp., which exports 80 percent of domestic production, led
a gain by carmakers after the yen weakened against the dollar. Wigmaker
Aderans Holdings Co. surged after its shareholders rejected the
reappointment of executives.
European
stocks rose for a second day as investors speculated higher oil prices
will boost earnings at energy companies and UBS AG recommended buying
utilities' shares.
Royal Dutch Shell Plc and BP Plc,
Europe's biggest oil companies, gained after the biggest drop in U.S.
oil inventories in more than three years. E.ON AG and RWE AG, Germany's
largest utilities, rallied as UBS said power prices will advance
further. Man Group Plc rose to the highest in 10 months after the
world's largest publicly traded hedge-fund manager doubled its dividend
and said profit jumped 60 percent last year.
Shell,
Europe's largest oil company, gained 1.4 percent to 2,188 pence. BP,
the region's second-biggest, climbed 1.1 percent to 612.5 pence. Total
SA rose 1.5 percent to 56.45 euros.
Oil supplies declined
8.88 million barrels to 311.6 million last week, the biggest drop since
Sept. 17, 2004, when Hurricane Ivan forced the closing of U.S. oil
platforms in the Gulf of Mexico. Crude oil for July delivery was little
changed above $130 a barrel in New York before European markets closed.
RWE
AG added 2.7 percent to 83.76 euros after UBS upgraded Germany's
second-largest utility to ``buy'' from ``neutral.'' E.ON, Germany's
biggest, gained 2.8 percent to 136.39 euros.
U.S.
stocks rose for a third day as MasterCard Inc.'s forecast of faster
profit growth spurred a rally in financial shares and tumbling oil
prices boosted the earnings outlook for companies that rely on consumer
spending.
Bank of America Corp., JPMorgan Chase &
Co. and Citigroup Inc. helped send the KBW Bank Index to its steepest
rally in a month after MasterCard said consumers are using credit and
debit cards more. Target Corp. and Best Buy Co. led retailers to their
first three-day advance in a month as crude slid on signs that record
prices will reduce demand. Google Inc. gained after the most popular
Internet search engine had more clicks on its U.S. text advertisements
in April.
Stocks also climbed after the government said
the U.S. economy grew more than previously estimated in the first
quarter as Americans bought fewer goods from abroad, helping the trade
deficit shrink to a five-year low. Treasuries fell for a third day,
pushing the yield on 10-year notes to a five-month high.
MasterCard,
the world's second-biggest credit-card network, climbed $27.17, or 9.5
percent, to a record $314.06. The company said in a regulatory filing
that it expects net income to increase an average 20 percent to 30
percent annually over the ``longer-term,'' compared with a previous
goal of 15 percent to 20 percent.
Larger rival Visa Inc. rose 4.7 percent to $85.75.
Countrywide
Financial Corp., the biggest U.S. mortgage lender, rallied after
setting June 25 as the date for shareholders to vote on the $4 billion
takeover by Bank of America. A firm date for the special shareholders
meeting may help quell investor concern that Bank of America will seek
a lower price or cancel the deal. Countrywide rallied 10 percent to
$5.48.
Citigroup, the largest U.S. bank by assets,
climbed 2.6 percent to $22.17. Bank of America, the second-biggest,
rose 2.5 percent to $34.71. JPMorgan, the No. 3, added 2.3 percent to
$43.85.