* Asian stocks get fresh boost as global markets rally
* Surge in U.S. manufacturing, earnings boost sentiment
* Dollar slips to 3-mth low on recovering risk appetite
* Copper at record high, oil remains over $100/barrel
By Ron Popeski
SINGAPORE, Feb 2 (Reuters) - Asian stocks jumped on
Wednesday and the dollar slipped as a surge in U.S.
manufacturing and strong company earnings convinced investors to
pile back into riskier assets despite turmoil in Egypt.
Commodities prices remained high, bolstering shares of
resources firms, with copper at record peaks near $10,000 a
tonne on signs that the global economy is gathering strength,
while Brent crude held above $100 per barrel -- its highest
since October 2008.
After a million people took to the streets in Egypt on
Tuesday, Egyptian President Hosni Mubarak said he would
surrender power in September, but that was not enough for many
protesters who demanded an immediate end to his 30-year rule.
"The easing of the crisis in Egypt helped investors to
concentrate on positive economic data from the U.S., boosting
their appetite for equities," said Hideyuki Ishiguro of Ikasan
Securities.
Japan's Nikkei index rose 1.9 percent -- its biggest
daily advance in two and half months -- as the latest in a
string of bullish U.S. economic data pushed Wall Street to its
highest levels in 2-1/2 years.
The MSCI index of Asian shares outside of Japan
climbed 0.9 percent, though activity was thin
ahead of the long Lunar New year holidays in much of Asia.
Hong Kong's Hang Seng Index rose 1.6 percent in a
shortened session while Australia's main benchmark
gained 0.8 percent despite the approach of Cyclone Yasi, said by
forecasters to be the strongest ever to strike the country.
The dollar was stuck near its lowest level in three months
against the euro as robust economic data eased concerns over
Egypt and coaxed investors out of safe-haven assets. The euro
rose to $1.3853 on trading platform EBS, a touch higher
than late U.S. levels.
The U.S. manufacturing sector grew at its fastest pace in
nearly seven years, data showed overnight, but factories' costs
are also rising and are being passed on to consumers, raising
fears of both a spike in inflation and a slowdown in sales as
buyers baulk at higher prices.
On Wall Street, investors capitalised on last week's
pullback, sending the Dow to close over the psychologically
important level of 12,000 for the first time since June 2008 and
the S&P 500 to close above 1,300 for the first time since August
2008.
Markets considered the crisis in Egypt contained, with
little risk of spreading elsewhere through the region for now
after Mubarak said he would surrender power soon -- although
this was rejected by opposition leaders and U.S. President
Barack Obama called for more rapid change.
Commodity prices remained strong, with London copper futures
rallying to a record high just shy of $10,000 --
bolstered by positive data from China and the United States.
North Sea Brent crude oil futures were little
changed at just under $102 as unrest in Egypt continued to
support energy prices. U.S. crude futures edged closer to
$91.
(Editing by Kim Coghill)
