* Risk appetite returning after positive US data and
earnings
* Asia-Pacific stocks ex Japan up 1 pct, resources lead
* U.S. dollar slips; euro holds onto overnight gains
* NYMEX crude <CLc1> down 34 cents after surging Tuesday
By Dean Yates
SINGAPORE, Feb 3 (Reuters) - Asian shares rose on Wednesday
with resources stocks leading the way, as demand for riskier
assets increased after Wall Street rallied on upbeat U.S.
earnings and economic data.
The U.S. dollar steadied after slipping from six-month
highs against a basket of currencies <.DXY> as investors moved
back into higher-yielding, growth-linked currencies after
market jitters in recent weeks.
The Australian dollar <AUD=D4> bounced from Tuesday's
sell-off, which came after the Reserve Bank of Australia
shocked investors by leaving interest rates unchanged.
Rising sales of previously owned U.S. homes and robust
earnings from U.S. bellwethers in the consumer and industrial
sectors pointed to a steady rebound in demand, fuelling gains
of as much as 1.3 percent in key U.S. stock indexes overnight.
[]
But some analysts cautioned against predicting a strong run
in Asian stocks despite the appearance of more appetite for
risk.
While companies overall had been beating earnings
estimates, not a lot of upgrades had been forthcoming, said
Andrew Orchard, strategist at Royal Bank of Scotland in Hong
Kong.
"We see it as a year of volatility, a year of consolidation
with maybe single digit returns between the positive and the
negative," said Orchard.
"Of course between the months you could see a few weeks of
rallies, a few weeks of sustained falls, but overall we think
it won't be too different from where we began the year."
Japan's Nikkei stock average <> edged up 0.3 percent,
with rises by exporters on the strong U.S. data offsetting
declines for Toyota Motor Corp <7203.T>, whose U.S. sales slid
16 percent after its massive vehicle recall.
Fears of an extended sales slump pushed Toyota down 3.7
percent, compounding a slide that has sent the stock down 17
percent since its recall was announced on Jan. 21.
All eyes will be on Toyota when it announces Q3 results on
Thursday and how the recall will affect its 2010 earnings
forecasts. Rival Honda Motor Co <7267.T> reports Q3 results
later on Wednesday.
Asia Pacific stocks outside Japan as measured by MSCI
<.MIAPJ0000PUS> rose 1 percent, climbing further away from
3-month lows.
MSCI's Asia exJapan resources index was up nearly 2
percent, the biggest contributor to the rise in Asian shares
for the second day in a row.
Shanghai copper was seen rising around 1 percent at the
open on Wednesday after fresh gains in London, as the latest
batch of positive U.S. data helped soothe jangled investor
nerves.
Top Australian miners had been sold down over the past few
weeks on worries about moves by China, their biggest customer,
to rein in bank lending. But signs of a sustainable global
recovery have lured investors back into resources stocks.
"At the end of the day demand for commodities will remain
reasonably robust. I don't see anything that's happened to
derail that theory," said David Spry, research manager at
broker FW Holst.
Global miner BHP Billiton <BHP.AX> rose 2.4 percent.
CURRENCIES
The dollar index <.DXY> <=USD> hovered around the 79 mark,
after retreating from a six-month high of 79.547 struck on Jan.
31.
The Australian dollar was at $0.8848, bouncing from a low
of $0.8780 on Tuesday and recovering some of the losses
suffered when the Reserve Bank of Australia left its benchmark
rate unchanged at 3.75 percent, defying expectations of a rate
hike.
The euro <EUR=> held on to gains made overnight, climbing
to $1.3953 in Asian trade. It faces a stiff fight uphill as
credit worries related to Greece fester in the background.
U.S. crude futures slipped back below $77 a barrel on
Wednesday after an industry report showed a bigger than
expected build in U.S. crude oil stockpiles last week.
NYMEX crude for March delivery <CLc1> was down 34 cents at
$76.89 a barrel by 0016 GMT, after settling $2.80 higher on
Tuesday, when the encouraging economic data and a weak dollar
helped boost prices. []
Gold prices were steady at around $1,114.65 per ounce after
hitting their highest level in almost two weeks the previous
day, with investors cautiously awaiting U.S. jobs data later
this week to gauge prospects for the U.S. economy and the
dollar.
(Editing by Kim Coghill)
