LI: Asia stock markets move higher amid optimism over economic recovery
HONG KONG - Asian stock markets were narrowly higher Tuesday amid optimism the region's economies can help lead a global recovery. European markets also rose.
Trade in Asia was thin, however, with Japan and a couple other countries' bourses closed for holidays. Crude oil prices rose following a big fall overnight as the dollar weakened against the yen and euro.
Investors have been piling into Asian equities this year as easy money made available by monetary loosening around the world flows toward regions with stronger growth prospects.
The Asian Development Bank on Tuesday raised its growth forecasts for China, India and developing Asia as a whole.
"The Asian region has proven more resilient than earlier thought," said ADB chief economist Jong-Wha Lee as the Manila-based bank issued a report on developing Asian economies.
In Europe, benchmarks in Britain, Germany and France were up around one per cent.
Hong Kong's Hang Seng added 228.29 points, or 1.1 per cent, to 21,701.14, and South Korea's Kospi gained 23.38 points, or 1.4 per cent, to 1,718.88. India's Sensex was up 0.9 per cent.
Markets in Japan, Indonesia and Malaysia were closed for public holidays.
Elsewhere, China's Shanghai market fell 2.3 per cent, while Thailand and Singapore stocks rose. Markets in Taiwan and Australia traded lower.
Overnight in the U.S., Wall Street closed down as a stronger dollar pushed down commodity prices and investors grew jittery about the market's six-month rally.
The Dow fell 41.34, or 0.4 per cent, to 9,778.86. It has fallen in two of the last three days.
The S&P 500 index fell 3.64, or 0.3 per cent, to 1,064.66, while the tech-heavy Nasdaq composite index rose 5.18, or 0.2 per cent, to 2,138.04.
Stock futures pointed to gains Tueday on Wall Street. Dow futures were up 64, or 0.7 per cent, at 9,782.
Oil prices were higher after a big tumble, with benchmark crude for October delivery up 70 cents at US$70.41 a barrel. The contract fell $2.56 overnight.
The dollar slipped to 91.37 yen from 91.98 yen. The euro climbed to $1.4783 from $1.4675.
