By Rafael Nam
HONG KONG, Feb 14 (Reuters) - Asian stocks powered higher
on Thursday after a surprise increase in U.S. retail sales and
unexpectedly strong growth in Japan's economy eased some of the
pessimism that has gripped the region.
The dollar held around a one-month high against the yen,
while Asian bonds slid as investors became less risk averse.
Platinum hit a record high as power supply problems afflict
major producer South Africa, while oil prices climbed amid an
intensifying legal row between Venezuela and Exxon Mobil
<XOM.N>.
"Buoyant U.S. economic data combined with a perception that
markets have seen lows are prompting buying interest," said
Hwang Geum-dan, an analyst at Samsung Securities.
The rise in U.S. retail sales last month lifted hopes that
Asia's top export market might yet skirt recession, and buoyed
exporter shares such as LG Electronics <066570.KS> that depend
on U.S. consumers to drive profits. []
MSCI's measure of Asian stocks outside Japan
<.MIAPJ0000PUS> rose 1.7 percent by 0135 GMT. The index had
dropped more than 13 percent this year as of Wednesday as fears
of a U.S. recession and a financial sector reeling from a
global credit crisis had soured many on Asian stocks.
Investors also welcomed data showing Japan's economy grew
0.9 percent in the last of quarter of 2007, double the market
forecast, with external demand and capital spending
particularly strong. []
"There's no question that these figures, which were much
better than expected, seem to point to good growth in the
present quarter as well," said Masayoshi Okamoto, head of
dealing at Jujiya Securities.
The Nikkei benchmark stock average <> was up 3.1
percent, with exporters such as Sony Corp <6758.T> also lifted
by a weakening Japanese yen.
Shares in exporters also helped South Korea's main index
<> gain 2.6 percent, Singapore stocks <> rose 2.4
percent, while Australian shares gained 2.2 percent, spurred by
gains in miners and banks.
Australia's jobless rate in January fell to the lowest in
the history of the series, though that added to concerns that a
tight labour market was fuelling inflation and underlining the
need for yet another rise in interest rates. []
Asian bonds dropped as investors became more comfortable
shifting away from safe positions.
Japanese government bond futures fell nearly half a point
on the back of the stronger-than-expected economic data, with
March 10-year JGB futures <2JGBv1> down 0.18 point at 137.76.
Australian bonds <0#YBA:> also fell as the market priced in
a greater chance of another rise in the 7 percent cash rate on
the back of inflationary pressures.
The yen <JPY=> held steady against the dollar <USD=> after
the U.S. currency jumped on Wednesday's retail sales data.
Spot platinum <XPT=> hit $1,995 an ounce, before slipping
to $1,980/$1,990 in early Asian trade.
U.S. crude oil futures <CLc1> edged up a few cents to
$93.36 a barrel. Venezuela and Exxon Mobile have been mired in
a legal dispute over the South American country's takeover of a
multibillion-dollar oil project.
