Asian stocks rose after three weeks of losses in global equity markets sent valuations to the lowest levels in more than two years, metals gained and credit risk declined. The Australian and New Zealand dollars strengthened, while the yen and Swiss franc weakened.
Japan’s economy contracted less than economists estimated in the second quarter as reconstruction work limits the slump from the record earthquake and tsunami on March 11.
Citigroup Inc. and Goldman Sachs Group Inc. increased gross exposures to French banks in the year’s first half before the European nation’s financial stocks plunged amid perceived dependence on short-term funding.
Volatility in Australia’s bond market is at a record high as debt crises in Europe and the U.S. threaten the global economy.
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