Asian markets gain as Japan, China reports boost confidence; Tokyo up 1.3 percent

Asia stocks up after Japan, China economic reports

HONG KONG — Asian stock markets rose Thursday as signs of growing strength at powerhouse economies China and Japan brightened the outlook for the world recovery.

Major markets were higher by 1 percent or more, turning around from a lackluster session the day before. Oil prices traded above $84 a barrel, and the dollar gained against the euro and the dollar.

An impetus came from news China’s manufacturing accelerated last month, helped partly by a continuing rebound in domestic sales and exports from the world’s third-largest economy. In Japan, a key report showed companies’ confidence about the business climate rose a fourth straight quarter.

Taken together, the reports suggested international trade was on the mend and contributed to a growing belief the global economy can avoid slipping back into recession. Still, analysts noted that volumes were thin in many markets ahead of the long Easter holiday and key U.S. jobs data as traders sat the session out.

Peter Lai, investment manager at securities firm DBS Vickers in Hong Kong, said risks stemming from massively indebted European countries and high U.S. unemployment made it hard to place too much faith in the recovery.

“There are just too many variables and uncertainties,” Lai said. “I’m expecting markets to keep swinging.”

In Japan, the benchmark Nikkei 225 stock average gained 154.46 points, or 1.4 percent, to 11,244.40.

Hong Kong’s market index rose 1 percent to 21,453.60 and South Korea’s Kospi benchmark was up 1.6 percent at 1,719.17.

Elsewhere, China’s Shanghai market rose 1.2 percent, Australia’s index gained 0.7 percent and India’s Sensex benchmark gained 0.7 percent.

Among stocks, Yahoo Japan Corp. was up over 4 percent in Tokyo and among the daily leaders after a report in the country’s biggest business paper said it would tie up with China’s biggest net retailer. Big tech names like Hitachi and Pioneer were also higher in Japan.

Despite stronger growth in Asia, any lasting global turnaround still depends greatly on the U.S. economy, the world’s largest. Friday brings the release of crucial U.S. jobs data for March that could provide clues to state of America’s economic health.

Economists expect the report to say employers added jobs in March — possibly 190,000 — for only the second time since the recession began in December 2007. The jobless rate may remain at 9.7 percent for the third straight month, analysts say.

In currencies, the dollar edged down to 93.66 yen from 93.43 yen late Wednesday. The euro weakened to $1.3493 from $1.3510.

The benchmark oil contract added 50 cents to $84.26 a barrel.

In New York overnight, the Dow Jones industrials fell 0.5 percent, to 10,856.63 Wednesday, and the broader Standard & Poor’s 500 index slipped 0.3 percent to 1,169.43, in the final day of the first quarter.