* Asian share markets swing higher with Wall St
* Yen eases as investors reconsider rush to safety
* Upbeat economic data from Singapore and Australia
By Kaori Kaneko and Aiko Hayashi
SYDNEY, July 14 (Reuters) - Asian stocks bounced on Tuesday
as a rally in U.S. financial shares helped Japan break a
10-session losing streak, while also reversing a little of the
recent safe-haven rush into the yen.
Helping was upbeat news from Singapore, as economic growth
in the trade hub climbed 20.4 percent annualised in the three
months to June, putting an end to four quarters of contraction.
[].
Analysts said other export-dependent Asian economies were
also expected to see improved second quarters, but questioned
whether improvements can be sustained amid still weak consumer
demand in the region's major Western markets.
Unease ahead of key data on U.S. retail sales and a slew of
U.S. corporate earnings including banking giant goldman Sachs
<GS.N>, was enough to to keep commodity prices subdued and oil
<CLc1> pinned around $60 a barrel.
"Market sentiment has improved slightly compared to a few
days ago, but we still need to see the actual numbers of U.S.
results," said Mitsuru Sahara, chief manager at Bank of
Tokyo-Mitsubishi UFJ.
Japan's Nikkei average <> was up 2.2 percent, a
welcome break from nine straight session of losses which had
seen it sink 11 percent from its late-June peak []. MSCI's
measure of stocks elsewhere in the Asia-Pacific <.MIAPJ0000PUS>
gained 2.2 percent.
The rise tracked Monday's 2.5 percent rally in the S&P 500
<.SPX> and owed much to a single banking analyst.
In a change of mood, influential Wall Street analyst
Meredith Whitney upgraded Goldman Sachs Group Inc <GS.N> to a
"buy" on Monday, saying bank shares were in for at least a
short-term gain of 15 percent. The S&P Financial Index <.GSPF>
rose 6.5 percent as a result, while Goldman rose 5.3 percent.
"After a recent bearish run, the market has been looking an
opportunity to rebound, and the analyst comments on the
financial sector fit the bill," said Yutaka Miura, senior
technical analyst at Mizuho Securities in Tokyo.
Also helping sentiment was a report from the Wall Street
Journal that the U.S. government was in advanced talks to help
embattled CIT Group <CIT.N>, one of the nation's major lenders
to small and medium sized business.
Still, no deal was certain, the WSJ said, and sources told
Reuters the Federal Deposit Insurance Corp was opposed to
granting CIT access to a government guarantee. []
YEN OFF HIGHS
The tentative pick up in stocks seemed to lessen the need
for safe havens like the Japanese yen, which eased across the
board.
The dollar <JPY=> inched up to 92.94 yen, after touching a
five-month low of 91.73 on Monday. The euro firmed to 129.95
yen <EURJPY=>, from a trough around 127.95.
The single currency was steady on the dollar around $1.3982
<EUR=>, in the middle of a range that has held for over a
month. Against a basket of major currencies, the U.S. dollar
<.DXY> was down 0.06 percent at 80.083.
The Australian dollar <AUD=> got a lift to $0.7839 after a
surprisingly strong survey of Australian business conditions
was seen as lessening the need for further cuts in interest
rates.
The survey of over 400 firms from National Australia Bank
<NAB.AX> showed a marked pick up in sales and profits, along
with a record improvement in employment intentions.
[].
Investors are now awaiting data on U.S. retail sales and
producer prices later on Tuesday. Sales are seen rising 0.4
percent in June, and by 0.5 percent excluding autos.
"We expect most indicators should continue to show less
negative to slightly positive growth, reflecting the
slow-moving recovery underway," said Merrill Lynch in a note to
clients.
(Writing by Wayne Cole; Editing by Kim Coghill)
