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Asia stocks rise amid caution over euro debt

Asia stocks rise amid caution over euro debt
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First Published: Wed, May 18 2011. 09 28 AM IST
Updated: Wed, May 18 2011. 09 28 AM IST
Singapore: Asia shares rose on Wednesday, with Japan leading the charge, but euro debt fears and disappointing data from the US are likely to keep markets on edge.
Japan’s benchmark Nikkei average was up 0.9% and MSCI’s index of Asia Pacific shares outside Japan rose 0.73%.
The main Wall Street indices ended flat to 0.6 percent lower after falling as much as 1 percent weighed by soft economic data, and a lower outlook from tech heavyweight Hewlett-Packard Co. . .
The euro was steady against the dollar and the yen after recovering from recent lows, but wariness over sovereign debt problems in Europe made investors nervous about piling up euro positions.
The US dollar index , a measure of the US dollar against a basket of currencies, was off just 0.1 percent.
Gold rose to $1,487, after falling for three straight sessions.
US crude futures bounced back after ending at a 12-week low following industry data that showed a surprise drop in U.S. product inventories.
NYMEX crude for June delivery was up 78 cents at $97.69 a barrel. London Brent crude for July delivery was up 44 cents at $110.43.
The Dow Jones industrial average dropped or 0.55% on Tuesday. The Standard & Poor’s 500 Index dipped 0.04% and the Nasdaq Composite Index edged up 0.03%.
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First Published: Wed, May 18 2011. 09 28 AM IST
More Topics: Markets | Global | Asia | Nikkei | Hang Seng |