SINGAPORE (Bloomberg) -- Asian stocks rose as Bridgestone Corp. narrowed its loss forecast, commodity prices jumped and a government report showed the U.S. economy shrank less than expected in the first quarter.

Bridgestone, the world’s largest tiremaker, climbed 8.5 percent in Tokyo. Alumina Ltd., partner in the world’s biggest producer of the material used to make aluminum, surged 9.1 percent in Sydney. Nippon Electric Glass Co., the world’s No. 3 maker of glass for flat-panel televisions, gained 6.3 percent after increasing its earnings estimate.
“Bridgestone’s forecast gave us evidence that company earnings will start to rebound,” said Naoki Fujiwara, who oversees the equivalent of $3.7 billion at Shinkin Asset Management Co. in Tokyo. “Investors still believe the global economy will start to recover later this year and this confidence is leading to resilience in the market.”
The MSCI Asia Pacific Index gained 1.2 percent to 103.07 as of 3:12 p.m. in Tokyo. The increase took the measure’s weekly advance to 1.6 percent, recouping some of last week’s 3.5 percent drop. Optimism government stimulus measures worldwide will revive the global economy has boosted the gauge by 46 percent from a more than five-year low on March 9.
Japan’s Nikkei 225 Stock Average added 0.8 percent to 9,877.39, led by Furukawa Electric Co., which jumped 6 percent after Morgan Stanley raised its share-price estimate. Japanese stocks rose even as a government report showed the country’s consumer prices fell at a record pace in May.
Hong Kong’s Hang Seng Index gained 1.2 percent, with China Cosco Holdings Co. climbing 6.9 percent after its chairman said freight rates are set to advance. China’s Shanghai Composite Index added 0.2 percent as the country’s statistics bureau said industrial companies’ profits fell at a slower pace.
------Slower contraction
Futures on the Standard & Poor’s 500 Index fell 0.3 percent. The gauge increased 2.1 percent, the most since June 1, in New York. A government report showed gross domestic product shrank by 5.5 percent last quarter, less than the 5.7 percent decrease forecast by economists. That data countered a separate report showing jobless claims unexpectedly rose last week.
The MSCI Asia Pacific Index’s gain this week, the fifth advance in six weeks, came amid signs the global economy is strengthening. The U.S. Federal Reserve said the pace of economic contraction is slowing, while South Korea raised its gross domestic product forecast. Singapore’s industrial production increased in May, a government report on Friday showed.
“Uncertainty over the global economy has receded,” said Kazuhiro Takahashi, a general manager at Tokyo-based Daiwa Securities SMBC Co. “Business conditions aren’t as bad as some have feared and I’m expecting companies to lift their targets.”
Inpex Corp., Japan’s largest oil explorer, added 1.8 percent to 754,000 yen. Woodside Petroleum Ltd., Australia’s second-largest oil producer, rose 1.8 percent to A$42.80. Crude oil jumped 2.3 percent to $70.23 a barrel in New York on Thursday, a level not seen since June 18. Futures gained 0.8 percent in after-hours trading.
-------Emerging markets
Emerging-market stock funds lost $1.87 billion in the week ended June 24, the first week of net outflows since early March, on concern that a rebound in exports will be delayed, EPFR Global said.
Furukawa Electric, which makes wires and cables, jumped 6 percent to 439 yen, while Hitachi Cable Ltd. climbed 7.5 percent to 314 yen. Morgan Stanley increased a 12-month price estimate on Furukawa Electric shares to 560 yen from 410 yen. Hitachi Cable had its target price more than doubled to 290 yen.
China Cosco, the world’s largest operator of dry bulk ships, climbed 6.9 percent to HK$9.76. Chairman Wei Jiafu said on Thursday “the BDI will have a V-shape rebound after its dive,” referring to the Baltic Dry Index, a measure of shipping rates. The gauge has fallen 9.1 percent in the last five days.