* Asia stocks rise 0.6 pct on strong China growth, earnings
* Nikkei heads again toward 18-mth high
* Japan manufacturers' gloomy mood finally lifts
By Vikram S Subhedar
SINGAPORE, April 15 (Reuters) - Asian stocks rose and
neared 22-month highs on Thursday after U.S. tech and financial
firms beat earnings forecasts and China's accelerating economic
growth underpinned hopes of a broad, global economic recovery.
A surprise move earlier in the week by Singapore's central
bank to allow its currency to appreciate, a Moody's sovereign
rating upgrade of South Korea and China's strong GDP numbers
are all being seen as signals of Asia-led global economic
growth.
In Europe also, shares were seen rising, adding to the
previous session's rally.
Financial spreadbetters expected Britain's FTSE 100 <>
to open 15 to 16 points higher, Germany's DAX <> to open
around 11 points higher, and France's CAC-40 <> to open 3
to 4 points higher.
"There's probably enough catalysts to keep us moving
forward, assuming the earnings results are as solid as they're
expected to be," said IG Markets analyst Cameron Peacock in
Australia.
Intel Corp <INTC.O> and JPMorgan Chase & Co <JPM.N> posted
better-than-expected results earlier in the week.
[] [].
Google <GOOG.O>, scheduled to report results later on
Thursday, is expected to post a 21 percent increase in first
quarter revenue. Next week, financial heavyweights Goldman
Sachs <GS.N> and Morgan Stanley <MS.N> will join companies like
IBM <IBM.N>, Coca-Cola <KO.N> and Xerox <XRX.N> in reporting
results.
Oil rose past $86 on Thursday to within a dollar of
18-month highs as surging Chinese economic growth and a
potential spike in demand.
Japanese stocks <> rose 0.6 percent to close at a
one-week high on the strong Chinese growth and U.S. earnings.
"There were some concerns earlier this week about earnings
of U.S. financial companies, including JPMorgan, and the market
is now receiving a lift after the actual report and strong
gains in financial shares overnight," said Yumi Nishimura,
deputy general manager at Daiwa Securities Capital Markets.
The MSCI index of Asian shares outside Japan
<.MIAPJ0000PUS> rose 0.58 percent to their highest level since
June 2008 while the MSCI index of global stocks <.MIWD00000PUS>
neared a 17-month high.
Shares of energy firms saw some of the strongest gains
after oil prices were further boosted by a surprise drop in
U.S. crude oil inventories and dollar weakness.
CHINA GROWTH QUICKENS
China's annual economic growth quickened in the first
quarter to 11.9 percent, the fastest pace since 2007,
benefiting from a low base last year and the momentum imparted
by massive bank-financed stimulus. []
China has largely led a global recovery amid persistent
weakness in Western economies, and its voracious demand for raw
materials has supported a rally in energy and commodity
markets.
The data from Asia's second-largest economy, which beat
analysts' expectations, added to speculation that Beijing may
be preparing to loosen its tight grip on the yuan currency
<CNY=CFXS>.
U.S. stocks rose for a fifth straight day overnight and
more stocks hit a 52-week high on the New York Stock Exchange
than on any day since the end of December 2003. The Nasdaq
recorded its greatest number of 52-week highs since January
2004.
In Japan, a Reuters poll showed companies seemed to have
shaken off their long gloomy spell as robust exports continue
to drive the economy's recovery, though firms remained
cautious.
Manufacturers' sentiment moved out of negative territory
for the first time in two years thanks to solid exports to
China and the rest of Asia, while service-sector firms were the
least pessimistic since October 2008. []
The dollar was steady against a basket of currencies <.DXY>
but an increase in investors' appetite for riskier assets and
speculation about a Chinese move on the yuan kept the undertone
soft.
The dollar index was last at 80.217, but a break below 80
risks a test of support near 79.50/55--its March 17 low.
The Australian dollar <AUD=D4> was steady at $0.9346, from
$0.9347 on Wednesday when it rallied nearly 0.7 percent. China
is the single largest buyer of Australia's commodity exports.
Investors have already been trimming long positions in the
U.S. dollar after Singapore effectively revalued its currency
<SGD=> earlier this week, fanning expectations that more Asian
countries will allow their currencies to appreciate.
Adding to the dollar's soft tone was Federal Reserve
Chairman Ben Bernanke comments that U.S. interest rates will
stay low for some time, reducing its yield appeal. []
The dollar edged up against the yen <JPY=> to 93.31 yen,
from 93.19 yen late in New York.
The euro <EUR=> was slightly weaker at $1.3643, as
scepticism increased over a EU-IMF bailout package for Greece.
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