GLOBAL MARKETS-Asian shares rise on earnings, oil at new high

                                
 (Adds European outlook, updates prices)
                                
 By Jacqueline Wong
                                
 SINGAPORE, April 17 (Reuters) - Japan's Nikkei share
average rose nearly 2 percent on Thursday, buoyed by confidence
on Wall Street after reassuring earnings eclipsed weak data on
the U.S. economy, which pinned the dollar near record lows
against the euro.
                                
 Oil <CLc1> hit a new record high above $115 a barrel as the
dollar's weakness and a fall in U.S. crude and gasoline
inventories ahead of the summer driving season drew fund
buying.
                                
 European stock index futures pointed to a stronger start.
By 0602 GMT, futures for the Eurostoxx 50 <STXEM8>, Germany's
DAX <FDXM8> and the French CAC 40 <FCEc1> were up between 0.5
and 0.7 percent.
                                
 Asian shares were bouyed by encouraging results from Intel
Corp <INTC.O>, IBM <IBM.N> and JPMorgan Chase & Co <JPM.N>,
which overshadowed mostly gloomy news on the world's largest
economy.
                                
 A fall in U.S. housing starts to a 17-year low in data on
Wednesday reinforced expectations the Federal Reserve would cut
interest rates again to cushion an economy threatened by
recession.
                                
 Japanese stocks were led by high-tech shares such as TDK
Corp <6762.T> and Canon Inc <7751.T>, as the U.S. earnings
reports soothed investors concerned about corporate
profitability.
                                
 "Some shares rose in tandem with earnings from their U.S.
peers such as high-tech exporters, which got a boost from IBM's
results," said Soichiro Monji, chief strategist of the equity
management department at Daiwa SB Investments.
                                
 The benchmark Nikkei average <.N225> ended 1.9 percent
higher, while MSCI's measure of other Asia Pacific stocks
outside Japan <.MIAPJ0000PUS> rose 1 percent, trimming
year-to-date losses to below 10 percent.
                                
 Markets in Seoul <.KS11>, Sydney <.AXJO> and Taiwan <.TWII>
were up between 0.3 and 0.9 percent, and Singapore <.FTSTI> and
Hong Kong <.HSI> posted gains of around 2 percent.
                                
 The exception was China, where the main stock index <.SSEC>
fell 3.2 percent after the central bank announced a rise in
commercial banks' reserve ratios to help curb inflation.
                                
 International Business Machines Corp reported unexpectedly
strong quarterly results on Wednesday and raised its 2008
outlook, lifting the outlook for technology companies.
                                
 Financial stocks also benefitted after solid results from
JPMorgan and Wells Fargo & Co <WFC.N> heartened investors who
had been counting on the big banks to fare better than rivals
in coping with the U.S. mortgage meltdown and global credit
crunch. [ID:nN16378871]
                                
 DOLLAR DOWNBEAT
                                
 The housing data weighed on the the dollar, holding it near
a record low against the euro on expectations of further rate
cuts, while record high inflation in the euro zone backed views
the European Central Bank will not cut rates soon.
[ID:nL16869535]
                                
 "The dollar continues to be weak, while investors chase
currencies whose yields are not seen falling," said Tsutomu
Soma, senior manager of foreign assets at Okasan Securities.
                                
 The Federal Reserve said on Wednesday that economic
conditions were weakening in much of the United States and
price pressures from food, fuel and raw materials were
increasing.
                                
 The euro dipped 0.1 percent to $1.5932 <EUR=> from late
U.S. trade, but stayed within striking distance of the all-time
high of $1.5980 hit on electronic trading platform EBS on
Wednesday.
                                
 The dollar was slightly firmer at 102.10 yen <JPY=>.
                                
 Japanese government bond futures slid to a six-week low as
the Nikkei rose. A tumble in U.S. Treasuries also added to
selling pressure on JGBs, dealers said.
                                
 June 10-year futures <2JGBv1> fell as much as 0.65 point to
138.84, the lowest since early March. The benchmark 10-year
yield <JP10YTN=JBTC> climbed 3 basis points.
                                
 U.S. May crude futures were trading down 5 cents at $114.88
a barrel, after touching an all-time high of $115.21 earlier,
buoyed by data showing a draw in stocks. [EIA/S]
                                
 Other commodities were also buoyant. Shanghai copper rose
1.2 percent, lagging steeper gains in London on Wednesday,
supported by news of a strike at world No. 1 Chilean state
copper producer Codelco. [ID:nN16318669]
                                
 U.S. rice futures rose further to set another all-time high
on strong demand and short supplies.
 (Editing by Lincoln Feast)