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Japan Electronics Shares Rise in U.S.; Australia Futures Fall

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By Masaki Kondo

April 23 (Bloomberg) -- Japanese electronics makers rose in New York trading as an improvement in the U.S. housing market pointed to a rebound in the world’s biggest economy. Australian futures fell as Morgan Stanley’s loss rekindled concern global financial turmoil will continue.

U.S.-traded receipts of Sony Corp., which gets a quarter of its sales in America, added 1 percent from the closing price in Tokyo after U.S. home prices rose for a second-consecutive month for the first time in two years. Those of camera maker Canon Inc. climbed 2.7 percent on a media report it may report first- quarter profit. Mitsubishi UFJ Financial Group Inc., the biggest shareholder of Morgan Stanley, lost 0.6 percent. Receipts of Sydney-based Westpac Banking Corp. sank 2.2 percent.

“The market is stagnant, and people are waiting for earnings results for trading cues,” Mitsushige Akino, who oversees the equivalent of $615 million at Ichiyoshi Investment Management Co., said in an interview with Bloomberg Television.

Futures on Japan’s Nikkei 225 Stock Average expiring in June closed at 8,745 in Chicago, little changed from 8,750 in Osaka. Australia’s S&P/ASX 200 Index futures contract due in June fell 0.3 percent. New Zealand’s NZX 50 Index dipped 0.3 percent to 2,653.91 in Wellington.

In New York, the Standard & Poor’s 500 Index erased a rally to finish down 0.8 percent after Morgan Stanley reported a first-quarter loss of 57 cents a share, sending financial stocks lower. Analysts expected a loss of 8 cents.

The MSCI Asia Pacific Index has climbed by a quarter since its more than five-year low on March 9, narrowing its loss on the year to 1.6 percent, as optimism grew that government and central bank policies will pull the global economy out of recession. In Japan, the Nikkei’s members traded at 0.98 times book value, compared with this year’s low of 0.81 on March 9.

‘Abnormally Cheap’

“As the price-to-book ratio is close to 1, stocks aren’t abnormally cheap like they used to be,” Ichiyoshi’s Akino said.

U.S. home prices rose 0.7 percent in February from the previous month, adding to January’s 1 percent gain, the Federal Housing Finance Agency said yesterday. Economists had estimated prices dropped 0.7 percent in February.

Canon may report 30 billion yen ($306 million) in operating profit for the three months to March 31, Nikkei English News said. Demand for single-lens reflex cameras and a weaker yen helped the company avoid a loss, the Nikkei said.

Kirin Holdings Co., Japan’s biggest brewer by sales, said it seeks to acquire Lion Nathan Ltd., Australia’s No. 2 beer maker. The Japanese company made a takeover proposal last night and a purchase amount hasn’t been decided, said Kirin spokesman Makoto Ando, a Kirin spokesman. Kirin holds 46 percent of Lion Nathan, according to Bloomberg data.

To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net.

Last Updated: April 22, 2009 19:35 EDT