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By Louise Heavens
SINGAPORE, March 26 (Reuters) - Most Asian share markets
rose on Wednesday as resources stocks cheered firmer commodity
prices, but the dollar sagged after a drop in U.S. consumer
confidence cast doubt on the economy's resilience in the face
of a housing and credit slump.
U.S. Treasuries tiptoed higher as investors waited on U.S.
data for further signs of the health of the housing market
after figures on Tuesday showed consumer confidence hitting a
five-year low and house prices falling across much of the
country.
European markets were set to open on the back foot, with
financial bookmakers in London calling Britain's FTSE 100
<> down 0.5 percent, Germany's DAX <> flat, and
France's CAC-40 <> down 0.2 percent.
Metals, mining and oil companies rose, including Japan's
Sumitomo Metal Mining <5713.T>, and Australia's Woodside
Petroleum <WPL.AX>, helping some resource-heavy indexes, such
as Australia's S&P/ASX 200 <> notch up a three-week
closing high.
"There is a lot of argument that China will continue to
drive demand for commodities all the way through this U.S.
slowdown. But the slowdown in U.S. housing will probably flow
on to U.S. consumers and will no doubt hurt China," said Adnan
Kucukalic, equity strategist at Credit Suisse First Boston.
"Demand from China may not be as strong as it was and so it
is probably not a very positive story for commodities demand."
U.S. stock index futures <SPc1> <DJc1> pointed to a weaker
open later.
On Tuesday, a Conference Board report showed U.S. consumer
confidence fell sharply in March, raising concerns Americans
are tightening their purse strings. [].
Japan's Nikkei <> index -- heavy with exporters, such
as Canon Inc <7751.T> -- closed 0.3 percent lower on concerns
about weaker demand for its products.
Manufacturers, including television maker LG Display
<034220.KS> and Hyundai Motor <005380.KS>, were also weaker in
South Korea, although its benchmark index managed to notch up a
0.3 percent gain.
Singapore's Straits Times <.FTSTI> was flat and Taiwan
<> fell 0.3 percent.
MSCI's index of Asian shares outside Japan <.MSCIAPJ>
hovered in and out of the red but by 0613 GMT was up 0.6
percent. The index is still down about 14 percent this year.
GOLD GLEAMS
A weakening dollar sparked interest in a range of
commodities that had been sold off last week. Despite a softer
U.S. consumer outlook, analysts gauge that global demand for
many commodities remains intact.
Gold extended gains, with spot prices <XAU=> rising to
$940.30/941.10 an ounce from $934.60/935.40 late in New York on
Tuesday, although prices remain below an all-time high of
$1,030.80 on March 17.
U.S. crude oil futures advanced, helped by the falling
dollar and weakening supplies, with U.S. crude for May delivery
<CLc1> up 58 cents at $101.81.
The dollar traded at 100.19 yen <JPY=>, while the euro was
changing hands at $1.5603 <EUR=>, having risen 1 percent
against the dollar on Tuesday.
The dollar had gradually pulled up from record lows against
the euro and a 13-year low versus the yen in the past week as
investors have hoped the worst of the financial crisis stemming
from the United States may be over after the collapse of
investment bank Bear Stearns <BSC.N>.
Japanese government bond futures were flat, with June
futures <2JGBv1> down 0.06 of a point at 140.44.
(Editing by Lincoln Feast)
