Asian stocks rose after Premier Wen Jiabao said China will increase measures to support growth in the world’s second-largest economy. Gains were limited amid concern about falling profits for Asian companies.
China GDP
China needs to expand consumption and restructure the economy, Vice Premier Li Keqiang said during an inspection tour in central Hubei province, Xinhua reported separately on July 14. The reports come after China’s gross domestic product expanded 7.6 percent in the second quarter from a year earlier, the slowest pace in three years.
Belle International rose 2.2 percent to HK$13.92 in Hong Kong. China Unicom (Hong Kong) Ltd. (762), the nation’s second-largest wireless carrier, climbed 0.6 percent to HK$9.75. Guangzhou R&F Properties Ltd., a developer in the southern Chinese city, advanced 2.8 percent to HK$10.46.
Futures on the Standard & Poor’s 500 Index fell 0.2 percent today. The underlying gauge gained 0.2 percent last week as a rally in shares of JPMorgan Chase & Co. (JPM) and speculation China will boost stimulus measures tempered concern about earnings and the global economy.
Four of the six S&P 500 listed companies that reported earnings last week beat analysts’ estimates while one missed, according to data compiled by Bloomberg. Analysts predict earnings of S&P 500 listed companies will increase 6.4 percent this year.
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