Asian stocks snap losing streak as fears

Asian stocks rose, with the regional benchmark index climbing from a five-month low, as concern eased that Greece may exit the euro, outweighing a report that profit growth slowed at China's industrial companies. Nintendo Co., a Japanese maker of game consoles that depends on Europe for a third of its sales, climbed 3.5 per cent. BHP Billiton Ltd., the world's biggest mining company, advanced 1.4 per cent in Sydney. Renesas Electronics Corp. sank 11 per cent after a person briefed on the matter said the maker of semiconductors used in cars and appliances plans to raise 100 billion yen ($1.3 billion) and cut more than 10,000 jobs. The MSCI Asia Pacific Index climbed 0.6 per cent to 112.33 as of 5:14 p.m. in Tokyo. The gauge is heading for a 10 per cent decline this month, the biggest monthly drop since October 2008, as slumping loan demand and factory output in China add to signs of a deeper slowdown in the world's second-largest economy, and as European leaders pressure Greece to meet bailout terms before elections next month. "There will be no exit by Greece," Binay Chandgothia, a Hong Kong-based portfolio manager at Principal Global Investors, which manages $250 billion globally, said on Bloomberg Television. "If they take structurally positive steps, things will be all right in the long run. China is a little bit of a concern but China has policy levers. They can use policy incentive to get growth back on track." China's stocks rose for the first time in four days on speculation the government will take more steps to bolster economic growth and concern eased that Greece will leave the euro bloc. Anhui Conch Cement Co. and China Railway Erju Co. jumped more than 5 per cent after Credit Suisse Group AG said the government is accelerating investment approvals. Jiangxi Copper Co. advanced among commodity producers after opinion polls showed support for a party that backed up bailout plans with the European Union. SAIC Motor Corp., China's largest carmaker, surged the most in four months on speculation the government will subsidise purchases of fuel-efficient cars.