Asian shares rise

Thu Apr 17, 2008 4:28am BST
 
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By Jacqueline Wong

SINGAPORE (Reuters) - Japan's Nikkei share average rose 2 percent on Thursday, buoyed by confidence on Wall Street after reassuring earnings eclipsed weak data on the U.S. economy which pinned the dollar near record lows on the euro.

Encouraging results from Intel Corp (INTC.O), IBM (IBM.N) and JPMorgan Chase & Co (JPM.N) helped overshadow mostly gloomy economic news on the world's largest economy.

A sharp fall in U.S. housing starts and data that showed home building sank to a 17-year low on Wednesday reinforced expectations the Federal Reserve would cut interest rates again.

Oil hovered around $115 a barrel, off a record high, while gold steadied after climbing more than 2 percent the day before, supported by a weak dollar.

Japanese stocks climbed led by high-tech shares such as TDK Corp (6762.T) and Canon Inc (7751.T) after earnings from U.S. blue chips soothed investors concerned about corporate profitability amid a weak U.S. economy.

"Earnings at U.S. companies have generally been better than expected, though worries about Citigroup's earnings remain," said Yoku Ihara, manager of the investment information department at Retela Crea Securities.

By the midday break, the benchmark Nikkei average .N225 was up 2.3 percent at 13,452.23 after ending up 1.2 percent on Wednesday.

The MSCI's measure of Asia Pacific stocks outside Japan .MIAPJ0000PUS rose 1.2 percent by 0200 GMT, building on Wednesday's more than 1 percent gain, though the index is still down around 10 percent so far this year.  Continued...

 
Anthony Bolton, president for investments at Fidelity International, an affiliate of Boston-based Fidelity Investments, the world's biggest mutual fund firm, listens to a reporter's question during a news conference in Seoul October 21, 2009.   REUTERS/Lee Jae-Won
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