* Asian equity markets firmer, copper hits record high
* Economic data lifts hopes for U.S. growth outlook
* China talks tough on fighting inflation
(Updates prices throughout)
By Ian Chua
SYDNEY, Dec 13 (Reuters) - Asian stocks chalked up modest
gains on Monday, while the benchmark U.S. Treasury yield hit a
six-month high in response to upbeat U.S. data, helping shore
up the dollar.
MSCI's index for Asia Pacific stocks was last up 0.28
percent, while the index excluding Japan put
on 0.11 percent, having earlier approached one-week highs.
The dollar edged up 0.24 percent versus a basket of major
currencies . Against the yen, it rose to 84.16 ,
not far from a two-month high around 84.40 set recently.
The greenback was underpinned by gains in U.S. Treasury
yields, which saw the 10-year reach highs of 3.391
percent last seen in June.
Markets were heartened by U.S. data on Friday which showed
consumer sentiment was its best six months, and a 3.2 percent
increase in exports, figures that pointed to a firmer economic
recovery, though trading was subdued as year-end holidays
approached.
"On the whole, the market is winding down and people are
not inspired to put in large positions," said Carey Wong, an
investment analyst at OCBC Investment Research.
Investors also took in their stride China's latest attempt
to cool inflation and fresh vows to tackle price pressure.
So far this year, Asia Pacific stocks are
up around 10 percent, outperforming an 8 percent rise in
global equities .
Among the best performing assets are commodities.
Industrial metal copper , which hit a record high of
$9,129.50 a tonne on Monday, has gained 23 percent this year,
and U.S. crude oil <CLc1> at around $88 a barrel has risen 11
percent since the start of 2010.
CHINA FOCUS
Chinese leaders said on Sunday they will ratchet up
efforts to quell inflation in 2011 in response to data showing
the country's rate of inflation soared past forecasts to a
28-month high of 5.1 percent in November.
Ahead of the data, the Chinese central bank raised the
minimum amount of money lenders must keep in reserve for a
third time in a month. Beijing, however, held back from
lifting interest rates, a relief for some but a move many
still expect will happen at some stage.
"I don't see a high chance of an interest rate rise by the
end of this year now," said Huaxi Securities analyst Cao
Xuefeng in Chengdu, adding this would probably help the
Chinese stocks regain ground in the short term.
The Shanghai stock index rose 2.0 percent, while
Hong Kong's Hang Seng index , Australia's S&P 200 index
and Japan's Nikkei average were all up between
0.2 and 0.6 percent.
In Australia, investors snapped up top bank shares,
relieved that reform measures to boost the banking sector,
unveiled on Sunday, were no harsher than feared.
National Australia Bank and Commonwealth Bank
posted gains of more than 1 percent. []
(Additional reporting by Charmain Kok, Vikram S. Subhedar and
Farah Master; Editing by Daniel Magnowski)
