Shares rise on growth hopes after firm US data

By REUTERS
April 3, 2012 03:46

 
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TOKYO - Asian shares rose on Tuesday, riding on the back of strong gains in global equities overnight after solid manufacturing data from the United States and leading Asian exporters offset signs of mild recession in Europe.

The stronger-than-expected US factory data pushed US stocks to four-year highs while European shares recorded their biggest daily gain in three weeks despite sluggish factory activity in the euro zone.

MSCI's broadest index of Asia Pacific shares outside Japan added 0.3 percent to the previous day's modest gain, while Japan's Nikkei average opened down 0.3 percent, after rising as much as 1.1 percent the day before to approach a one-year high hit last week.

"The US stock rally will definitely lend a hand," said Bae Sung-young, an analyst at Hyundai Securities in Seoul. "Worries of a slowdown in China's economy are starting to settle, helping recently laggard, China-related issues to post a strong recovery."

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