Asian markets mostly up on US data

HONG KONG: Asian markets were broadly higher Tuesday following a bright lead from Wall Street on strong US manufacturing data, but Tokyo exporters were hit as the yen rebounded from a recent sell-off.

Another set of weak eurozone figures indicating the troubled region is headed for recession sent traders running for the safety of the Japanese currency at the expense of the euro and the dollar.

Tokyo eased 0.41 percent by the break but Hong Kong rose 0.57 percent, Sydney added 0.29 percent and Seoul was 0.84 percent higher.

Shanghai was closed for a public holiday.

US manufacturing activity accelerated in March, with the closely watched Institute for Supply Management purchasing managers index (PMI) hitting 53.2 last month, up from 52.4 in February.

A reading above 50 indicates growth while anything below suggests contraction.

The data came a day after China's official PMI showed a surprise surge to a one-year higher, providing some much-needed relief from recent concerns about a severe slowdown in the world's number two economy, a key engine of global growth.

The news lifted Wall Street on its first day of trading in the new quarter, with the Dow adding 0.40 percent, the S&P 500 up 0.74 percent and the tech-rich Nasdaq climbing 0.91 percent.

However, optimism was tempered by dour European PMI figures, which showed manufacturing at a three-month low of 47.7 in March, from 49 in February.

Adding to the gloom was the announcement that eurozone unemployment hit a 15-year high of 10.8 percent in February, up from 10.7 percent the previous month.

The results tempered sentiment after Friday's agreement between eurozone finance ministers to boost their firewall against further debt crises to about 800 billion euros ($1.1 trillion).

The weak European figures sent the yen higher against the euro and dollar amid renewed risk-aversion.

The dollar was changing hands at 81.90 yen in early Asian trade, down from 82.06 yen in New York late Monday and rates above 83.00 yen in Asia.

The euro fetched $1.3343 and 109.26 yen, compared with $1.3319 and 109.32 yen in New York. The single currency had been trading around 111.00 yen in Asia Monday.

Eyes are also on several key events later in the week, including policy committee meetings for the European, British and US central banks and the release of US unemployment figures.

On oil markets New York's main contract, West Texas Intermediate crude for delivery in May, shed 17 cents to $105.06 per barrel while Brent North Sea crude for May settlement was down 25 cents at $125.18.

Gold was at $1,677.20 an ounce at 0300 GMT, compared with $1,664.25 late Monday.