* Stocks up on U.S. plan hopes, risk aversion eases
* Mining shares gain after copper jumps on China hopes
* Japan's Nomura sinks more than 10 pct on stock issue plan
By Elaine Lies
TOKYO, Feb 9 (Reuters) - Asian stocks rose on Monday amid
hopes that a massive U.S. stimulus package would bolster the
economy, while the dollar clung near a one-month high against
the yen as investor risk aversion waned despite grim U.S. data.
Hong Kong shares opened 1.5 percent higher, heading for a
fourth day of gains and their longest winning streak in two
months, while Japan's Nikkei average <> climbed for a
second straight day.
Wall Street rallied broadly on Friday after figures showing
U.S. job losses in January were the worst in 34 years, sparking
hopes that Congress will act quickly to pass a stimulus package
to help the economy. []
But the U.S. administration pushed back the announcement of
a keenly awaited bank rescue plan until Tuesday from Monday as
it pressed lawmakers to settle their differences over the huge
stimulus plan. []
"Investors picked up exporters for now on short-covering,
but it's doubtful if the market will continue to gain," said
Takahiko Murai, general manager of equities at Nozomi
Securities in Tokyo.
"The market's focus could shift back to the deteriorating
state of the economy once it sees the U.S. stimulus plan, which
appears to be somewhat going backward, including uncertainty
over the establishment of a 'bad bank' scheme."
Squabbling over the U.S. rescue plan was set to continue on
Monday, when the Democratic-led Senate votes to end debate on
an $827 billion rescue package so it can be passed on Tuesday.
U.S. President Barack Obama has demanded that the bill be
on his desk for signing into law by next Monday.
Japan's Nikkei stock average rose 1 percent, with Honda
Motor Co <7267.T> and Toyota Motor Corp <7203.T> climbing
despite Toyota's forecast of a larger than expected loss on
Friday since bad news had been widely anticipated.
[]
But shares in Nomura Holdings Inc <8604.T>, Japan's biggest
brokerage, sank 10 percent to a 26-year low amid concerns that
a plan to issue up to $3.3 billion in new stock to bolster its
capital would dilute earnings. []
The MSCI index of Asia-Pacific stocks outside Japan
<.MIAPJ0000PUS> climbed 0.9 percent.
Hong Kong's Hang Seng <> rose 1.1 percent.
COPPER GAINS ON CHINA HOPES
Copper surged more than 8 percent on Friday on hopes for an
economic recovery in China, an aggressive rally that bolstered
shares of global miners such as Rio Tinto Ltd/Plc <RIO.AX>,
which helped lead Australian shares higher. []
Mitsubishi Corp <8035.T> and other Japanese trading firms
also benefitted.
But gold slipped as players took profits after a recent
rally, with rising expectations that the U.S. stimulus package
was likely to steer some funds away from gold as risk appetite
rises. <XAU=>.
The dollar hit a one-month high against the yen before
falling back slightly, giving little reaction to data showing
Japan's current account surplus fell 92.1 percent in December
from a year earlier.
The U.S. currency traded around 91.72 yen after climbing to
92.42 yen earlier on trading platform EBS, its highest since
early January. <JPY=> The euro was at $1.2950 <EUR=>. <FXNEWS>
The Australian dollar was struggling to hold onto gains
after hitting a three-week high offshore on Friday, trading at
about $0.6685 <AUD=>.
The yield on the benchmark 10-year U.S. Treasury note fell
nearly 3 basis points to 2.970 percent <US10YT=RR> from Friday,
when it briefly touched 3 percent for the first time since late
November.
The March 10-year Japanese government bond future <2JGBv1>
was unchanged at 138.35.
Oil took a breather from its recent decline and steadied
around $40 a barrel on Monday as hopes that swift passage of
the U.S. stimulus package outweighed demand concerns, with U.S.
crude for March delivery <Clc1> edging down by one cent to
$40.17.
(Editing by Valerie Lee)
