Market

Commodities Lead Asia Stocks Higher

Stronger pricing for energy, metals boost major markets.

Asian equities got off to a good start for the week, with the exception of Australia, as energy and resources stocks made gains on firmer pricing.

Returning from a four-day New Year's break, Japanese stocks rose briskly in a half-day session, led by exporters as the yen weakened to 91.98 against the dollar. The benchmark Nikkei 225 average broke above the 9,000 level for the first time in two months, gaining 2.1% to 9,043.12 points.

Automakers were broadly higher, with Toyota Motor (nyse: TM - news- people) gaining 3.6% to 3,010 yen ($32.72), as investors discounted a report over the weekend in the Sankei newspaper that claimed the automaker intends to postpone building factories in Russia and Thailand due to the global slowdown. Suzuki Motor (other-otc: SZKMF - news- people)) climbed 3.7% to 1,273 yen ($13.84) despite the Nikkei business daily's assertion that the company will drop its plan to roll out a four-door sedan in 2010, and will also postpone opening plants in Thailand and Russia.

Energy-related stocks advanced after U.S. crude futures surged to touch $48 a barrel as an Israeli offensive in the Gaza Strip raised tensions in the Middle East. Trading house Mitsubishi Corp. (other-otc: MSBHY.PL - news- people)) popped 9.2% to 1,352 yen ($14.70) and Mitsui & Co. (nasdaq: MITSY - news- people)) surged 8.5% to 978 yen ($10.63). In Asian trading hours, U.S. light sweet crude gained 80 cents to $47.14 a barrel on the Nymex.

Hong Kong's Hang Seng index rose 1.2% to 15,230.00, led by oil and resources stocks. Lenovo Group gained 4.1% to 2.28 Hong Kong dollars (29 cents) on reports that it is set to announce a major restructuring plan Thursday.

In Seoul, the Kospi index rose 1.2% to 1,171.54, with financial stocks gaining ground on expectations that the Bank of Korea will further ease monetary policy. Ssangyong Motor surged 12.1% on optimism that the ailing automaker will receive financial support from its Chinese parent SAIC.

Australia's S&P/ASX 200 fell 1.0% to 3,678.40, as a decline in financial stocks outweighed gains in the resources sector. National Australia Bank (other-otc: NAUBF - news- people)) fell 1% following a report that it could sell its British banking units. In the mining sector, BHP Billiton (nyse: BBL- news- people)) gained 2.7% and Rio Tinto (nyse: RTP - news- people)) surged 7.8%.