On Thursday most Asian share
markets rose having taken cues from a global surge in equities, while the dollar was lower pressed by weak economic data.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 1.1 percent.
South Korean, Australian, Chinese and Malaysian stocks gained, while Japan's Nikkei .N225 lost 0.1 percent on a stronger yen.
Lackluster
economic indicators have been kind to risk assets this week, with
Wednesday's weak Chinese data further boosting expectations of monetary
stimulus by Beijing while soft U.S. data have also helped by dampening
prospects of an early rate hike by the Federal Reserve, says Reuters.
Crude oil rally has given an additional boost to energy sector stocks.
Overnight, Wall Street shares posted sizable gains overnight on several strong corporate earnings results and the pan-European Eurofirst 300 index of leading shares .FTEU3 climbed to a 14-year high after the European Central Bank affirmed its loose policy stance.
Currencies
The region's big currency mover was the Australian dollar, lifted to a three-week high as
stronger-than-expected Australian employment numbers reduced the odds of
an interest rate cut in the next few months.
The greenback was trying to regain ground against
the euro and yen after dropping the previous day on weak U.S. industrial
output and New York state manufacturing activity data. The soft
indicators fed uncertainty over the timing of the Federal Reserve's next
interest rate hike.
The euro climbed 0.1 percent to $1.0686 EUR=, adding to overnight gains. The dollar, which neared 121 yen at the start of the week, was up 0.2 percent at 119.33 JPY= after slipping to 118.79 overnight. The loonie jumped to a three-month high of C$1.2251 per USD CAD=D4 after the Bank of Canada surprised the markets by indicating no further easings would follow.
Rise in commodity prices also supported export related currencies, such as the loonie. Overnight the crude prices jumped after government
data showed oil inventories in the United States rose less than expected
last week. [O/R]
Brent crude LCOc1 rose as high as $63.10 a barrel, highest since December 2014. U.S. crude CLc1 was up 0.1 percent at $56.44 a barrel after jumping nearly 6 percent on Wednesday.
