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HONG KONG - Asian shares rose on Wednesday to their highest level in more than seven months after a jump in US consumer confidence reinforced expectations the global economy has hit a bottom, even if recovery appears fragile.
The MSCI index of Asian stocks outside Japan had gained close to 2.5 per cent as of 0340GMT to reach its highest level since last October when markets were tumbling in the wake of the collapse of Lehman Brothers.
Hong Kong shares ended morning trade 4.71 per cent higher, outperforming other Asian markets. Singapore shares ended the morning session up 2.2%, Japan's Nikkei 225 rose 1.5%, South Korea's Kospi Composite was up 1.1 per cent and Australia's S&P/ASX 200 gained 0.6%.
Investors were cheered by US consumer confidence data on Tuesday, with the Conference Board's index of consumer confidence for May jumping to its highest reading since September. That helped lift the Dow Jones Industrial Average 2.4 per cent, with the Nasdaq Composite up 3.5 per cent.
Boosting sentiment further on Wednesday was Japan's April trade data - the country posted a third-straight monthly surplus of 69.0 million yen compared with expectations of a 69.5 billion yen deficit - which confirmed the worst was over for the economy.
In Seoul, investors looked past North Korean headlines amid reports it had tested another short-term missile and may have restarted its Yongbyon nuclear facility to produce plutonium.
- CNA/ir
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