Asian shares up after US economic reports

Asian shares up after US economic reports

Hong Kong: Most Asian stock markets turned higher on Friday as modestly positive reports about the US economy underpinned optimism about the global recovery.

Markets fluctuated earlier in the day before trading largely in green. Oil prices slipped below $82 a barrel, and the dollar gained against the yen and weakened against the euro.

Helping confidence were US data released overnight showing inflation remains in check and manufacturing is growing, adding to the broader impression of recovery in the world’s largest economy, a major export for Asian countries.

Still, the advance was constrained by worries about Greece’s debt crisis. This week has brought new signs European indecision and discord were hampering a quicker resolution to the country’s fiscal crisis. Amid the uncertainty, Greece said it could be forced to turn to the International Monetary Fund (IMF) for aid if European leaders can’t agree on a bailout plan next week.

In Japan, the Nikkei 225 stock average reversed early losses to climb 80.69 points, or 0.8%, to 10,824.72. South Korea’s Kospi was up 0.7% at 1,681.15 and Hong Kong’s market rose 0.1% to 21,352.24.

Elsewhere, Shanghai’s market added 0.4%, Australia’s index ticked 0.2% higher and Taiwan’s market rose 0.2%.

In currencies, the dollar gained to 90.43 yen from 90.35 yen. The euro was higher at $1.3614 from $1.3603.

Oi prices were lower in Asia, the benchmark contract shedding 33 cents to $81.87 a barrel. The contract lost 73 cents overnight.

US market futures were up slightly, pointing to a stronger opening on Friday.

Overnight on Wall Street, US markets pushed to another higher finish.

The Dow rose 45.50, or 0.4%, to 10,779.17. That marks the highest close since 1 October 2008. The Dow last rose for eight straight days in the period ended 27 August 2009.

The broader Standard & Poor’s 500 index slipped 0.38, or less than 0.1%, to 1,165.83.