Asian stocks market rose june 6 2012

Asian stocks market rose june 6 2012 : Asian stocks rose for a second day as the U.S. services-industry grew faster than expected and a report said Europe’s bailout fund was preparing a credit line for Spain. The Australian dollar and oil advanced.

The MSCI Asia Pacific Index (MXAP) added 0.2 percent at 9:25 a.m. in Tokyo. The Nikkei 225 Stock Average climbed 0.6 percent. Standard & Poor’s 500 Index futures advanced 0.2 percent. The so-called Aussie strengthened 0.3 percent against the U.S. dollar before the release of a report expected to show the nation’s economy grew 0.6 percent last quarter. Oil gained 0.1 percent for a third day of advance in New York.

U.S. service industries sustained their pace of growth in May, showing the biggest part of the U.S. economy is withstanding the impact of the European debt crisis. Spain may receive a precautionary credit line from the European Financial Stability Facility, Germany’s Die Welt newspaper reported in a preview of a story that will run today, citing unidentified people familiar with talks about the possible option.

“A substantial amount of Europe-related global economic damage is already embedded into market expectations,” said Michael Kurtz, Hong Kong-based global chief equities strategist at Nomura Holdings Inc., Japan’s largest brokerage. Stocks should “claw their way higher in coming weeks amid more evident policy support.”

The Group of Seven nations yesterday agreed to coordinate their response to Europe’s turmoil, which has tipped at least eight of the 17 euro-area economies into recession and damped European demand for foreign goods. European representatives “said they will speed up their efforts to resolve those problems, which was encouraging to us,” Japanese Finance Minister Jun Azumi told reporters in Tokyo.

The Institute for Supply Management’s index of non- manufacturing businesses, which covers about 90 percent of the economy, increased to 53.7, topping the median projection of economists for a reading of 53.4.

Australia’s GDP probably expanded 0.6 percent from the final three months of last year, the survey showed ahead of the government’s GDP report due today.

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