Stocks rise on US data though conviction lacking

By REUTERS
August 30, 2011 06:22

 
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HONG KONG - Asian stocks rose on Tuesday as strong US consumer spending data helped soothe some fears that the economy was falling back into a recession, encouraging investors to switch out of safe-haven assets like the Swiss franc and gold.

Wall Street's main indexes closed between 2.3 percent and 3.3 percent higher on Monday after a report showed consumer spending recorded its largest increase in five months in July in the United States.

With US stock futures consolidating overnight gains in Asia, Japan's Nikkei rose 1.5 percent while MSCI's Asia ex-Japan index rose 1.3 percent.

"There will be a slew of other important US economic indicators coming out this week such as ISM and jobs data, so trading may be thin as investors want to see those results before building large positions," said Yumi Nishimura, a senior market analyst at Daiwa Securities.

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