Stocks: Monday's review

Japanese stocks advanced to a two- month high after an unexpected gain in U.S. manufacturing boosted the earnings outlook for exporters and amid growing optimism Europe will agree to a further rescue plan for Greece.

Toyota Motor Corp. (7203), the world’s biggest carmaker by market value, advanced 1.5 percent. Mitsubishi UFJ Financial Group Inc. (8306) Japan’s largest bank by market capitalization, gained 2.8 percent. Mitsui Fudosan Co., the country’s No. 2 developer by market value, jumped 4.2 percent after Deutsche Bank AG said demand for high grade office space is increasing following the country’s record earthquake in March. Mitsubishi Estate Co., Japan’s No. 1 developer by market value, advanced 2.6 percent to 1,447 yen. Smaller rival Sumitomo Realty & Development Co. climbed 3.1 percent to 1,873 yen.

Japanese stocks rose today after a report on July 1 showed U.S. manufacturing expanded for the first time in four months, a sign that global industry is recovering from supply chain disruptions stemming from Japan’s earthquake. The Institute for Supply Management’s factory index rose to 55.3 last month from 53.5 in May. Economists surveyed by Bloomberg forecast the index would drop to 52. Figures greater than 50 signal an expansion.

European stocks climbed for a sixth day, extending the biggest weekly advance for the Stoxx Europe 600 Index in a year, as finance ministers approved an aid payment to Greece.

London Stock Exchange Group Plc (LSE) gained 1.8 percent on a report the bourse is open to considering a merger with Nasdaq OMX Group Inc. RWE AG (RWE) rose 1.2 percent after the German utility was said to be considering a sale of its Npower unit. Banks limited gains as Standard & Poor’s said plans for lenders to roll over Greek debt may lead to a “selective default.”

Strategists at Nomura and Deutsche Bank AG turned bullish on European stocks, saying it’s time to buy the region’s shares as risks to global economic growth wane.

LSE climbed 1.8 percent to 1,052 pence after the Financial Times said the U.K. bourse is open to considering a merger with Nasdaq OMX. Bob Greifeld, chief executive officer of the New York-based company, is considering an approach for LSE, though advisers are not yet formally involved, the newspaper said, citing people familiar with the matter.

RWE rose 1.2 percent to 39.29 euros after a person familiar with the matter said the utility is working with Goldman Sachs Group Inc. as it considers a sale of its Npower unit in the U.K.

Societe Generale (GLE) SA led banks lower as a gauge of lenders declined for the first time in five days. Societe Generale lost 1.5 percent to 41.80 euros, Italy’s UniCredit SpA (UCG) slipped 0.9 percent to 1.52 euros and Spain’s Banco Bilbao Vizcaya Argentaria SA (BBVA) retreated 0.9 percent to 8.26 euros.

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