Asian Stocks Rise in U.S.; BHP Billiton, Commodity Shares Gain

Friday, Oct 13, 2006
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Oct. 12 (Bloomberg) -- Asian stocks rose in U.S. trading as the Federal Reserve said consumer spending and demand for services quickened across the U.S. last month. An increase in oil and metal prices boosted commodity shares such as BHP Billiton.

The Bank of New York Co.'s Asia ADR Index, which tracks the region's American depositary receipts, increased for a third day, rising 1 percent to 146.05.

Most of the 12 Fed bank districts ``reported stronger growth in consumer spending, although automobile and housing- related sales generally weakened,'' the Fed said in its regional survey known as the beige book for the color of its cover.

Oil recovered from its lowest level this year, adding 0.5 percent to $57.86 a barrel, after the Energy Department reported that U.S. heating-oil supplies fell the most since April. Gold, nickel and lead prices also advanced.

BHP Billiton, the world's largest mining company that also produces oil, climbed $1.27 to $39.79. Aluminum Corp. of China, the world's second-biggest alumina producer, added 38 cents to $17.05. Alumina Ltd., which owns 40 percent of the world's biggest alumina producer, jumped 58 cents to $18.70.

PetroChina Co., the country's top oil producer, rose $2.51 to $108.01. Santos Ltd., an Australian oil and natural gas company, gained 11 cents to $31.47.

Nikkei 225 Stock Average futures expiring in December were at 16,535 in Chicago, compared with 16,395 in Singapore and 16,380 in Osaka.

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