ASIA-Shares to rise as global markets bounce

WELLINGTON: Asian stocks are set for healthy gains on Wednesday, as easing debt fears, solid data, and earnings above expectations helped global markets gain.

The main Wall Street indices turned in a strong performance with the Dow and S&P 500 both gaining 1.6 percent while the Nasdaq rose 2.2 percent.

The latter's gains were made in part on anticipation of Apple's results due after the bell.

The maker of iPhones and iPads reported quarterly revenue well above analysts' estimates, adding to reports from International Business Machines Corp and Coca-Cola

The market got a boost late from comments by President Barack Obama that progress was being made towards a debt reduction deal.

Adding to the positive mood housing starts hit a six-month high in June, sending the PHLX Housing Index up 3 percent.

Asian stocks listed on Wall Street rose 1.2 percent while world stocks, as measured by the MSCI world equity index, gained 1.38 percent.

British shares added 0.7 percent while European shares were up 0.8 percent as the beaten-down banks regained some ground on easing debt worries and commodity stocks rose on higher prices.

The euro pushed higher against the U.S. dollar as investors cast an eye to a euro zone summit later this week, where it's hoped leaders will approve a second bailout for Greece worth 110 billion euros.

Japanese markets, which fell below its 200 day moving average support level on Tuesday, are set for a firm open with Nikkei futures traded in Chicago 120 points above the last closing level in Osaka.

Australian stocks are also set to gain helped by strong gold and metals prices, with share price index futures up 1.1 percent to be 21.85 points above the close of the underlying S&P/ASX 200 index. – Reuters