By Shani Raja
Sept. 21 (Bloomberg) -- Asian stocks rose, reversing earlier losses, after a gauge of economic indicators signaled that growth in China is withstanding Europe?s debt crisis and a faltering U.S. economy.
China Life, the nation?s biggest insurer by market value, rose 2.4 percent in Hong Kong after the Conference Board said its leading indicator index for the world?s second-largest economy rose 0.6 percent in July, citing a preliminary reading. Cnooc Ltd., the nation?s No. 1 offshore oil producer, pared losses, while BHP Billiton Ltd., the world?s No.1 mining company, climbed 0.5 percent in Sydney, reversing an earlier decline of as much as 0.5 percent.
The MSCI Asia Pacific Index rose 0.5 percent to 118.4 as of 1 p.m. in Tokyo, reversing earlier losses sustained after the International Monetary Fund cut its global-economic growth forecast. The gauge has fallen for the past two weeks on concern Europe?s debt crisis is spreading and on signs of slowing U.S. economic growth.
--With assistance from Yoshiaki Nohara in Tokyo. Editors: Jason Clenfield, Nick Gentle
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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