Asian shares gain as upbeat global data, Wall Street buoy mood

TOKYO: Encouraging global data and Wall Street's extended record run
underpinning Asian shares on Thursday, with Japanese stocks leading the
way to within striking distance of fresh five-year highs.
Global
equities and the euro rose overnight, buoyed by strong Chinese trade
data and signs that Germany may escape a sharp slowdown after the euro
zone's largest economy said its industrial output unexpectedly rose in
March, following a similarly surprising rise in industrial orders.
The
upbeat data followed last Friday's strong U.S. payrolls, providing
relief to markets rattled by a string of soft economic reports.
The
Standard & Poor's 500 Index .SPX closed at an all-time high for a
fifth day on Wednesday while the Dow Jones industrial average .DJI
ended at a record peak for a second straight day.
In Europe, the
FTSEurofirst 300 .FTEU3 index of top European shares finished at its
highest closing level since mid-2008, while the euro zone's blue chip
index .STOXX50E marked a near two-year closing high.
"Japanese
stocks have already been high and some investors have expressed concern
against a short-term pull-back, but investor appetite was renewed after
both U.S. and European stocks hit their record highs," said Kenichi
Hirano, a strategist at Tachibana Securities.
The Nikkei stock
average .N225 rose 0.7 percent to 14,390.22, just off Wednesday's
intrasession peak of 14,421.38, its highest level since June 2008. .T
MSCI's
broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was
up 0.1 percent after climbing to its highest since August 2011 on
Wednesday.
Australian shares .AXJO were down 0.1 percent after
touching a new peak since July 2008 the day before. South Korean shares
.KS11 opened 0.4 percent higher, with investors closely watching the
outcome of the Bank of Korea's policy meeting due later in the session.
"All
eyes are on the Bank of Korea. Rate cut will definitely come as a
welcome news," said Kang Hyun-gie, a market analyst at IM Investment
& Securities.
China will release its April inflation figures this session.
In the currency market, the euro remained resilient, trading steady against the dollar at $1.3155 and at 130.15 yen.
The dollar eased 0.1 percent against the yen at 98.88 yen.
"Everyone
understands what the 'problem' with the Euro is but they can see that
shorting it has been a graveyard trade," Kit Juckes, a Societe Generale
strategist, said in a note to clients.
"Bad news is expected and
priced in, the balance of payments isn't a negative and real rates are
no lower than anywhere else. The result is that there is no conviction
about the timing of Euro weakness."
U.S. crude futures were down 0.1 percent at $96.50 a barrel.