TOKYO - Asian shares rose on Thursday, as optimism over Europe's efforts to aid the euro zone's financial sector and US data suggesting the economy could avoid recession spurred short-covering and value-hunting.An easing of risk aversion, after an intensive sell-off earlier this week on fears that Europe's debt problems could trigger a new global financial crisis, helped boost commodities and saw Asian credit markets tighten sharply."The US data supported a view that despite the recent deterioration in sentiment, the financial turmoil so far has not had a serious material damage to the economy, at least in the United States," said Hiroki Shimazu, senior market economist at SMBC Nikko Securities."Shares are being bought back as the recent sell-off had brought the market to levels reflecting a recession, and a sharp loss in corporate profits, which is now seen as overdone."
(photo credit: The Jerusalem Post)