“Asian stocks rose as improving earnings among Japanese companies tempered concern that Europe’s sovereign debt crisis will hold back a global economic recovery.
Sumitomo Heavy Industries Ltd. surged 12 percent in Tokyoafter surpassing its full-year profit forecast by 27 percent. Toshiba Corp. gained 3.7 percent after saying earnings will climb to a record. Nintendo Co., a video-game console maker that gets a third of its revenue from Europe, lost 1.6 percent in Osaka after Standard & Poor’s cut Greece’s credit rating by two levels. Billabong International Ltd. (BBG), which gets about a fifth of its sales from the region, dropped 1.2 percent in Sydney.”
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