HONG KONG: Asian markets were broadly higher Tuesday following a bright lead from Wall Street on strong US manufacturing data, but Tokyo exporters were hit as the yen rebounded from a recent sell-off.
Another set of weak eurozone figures indicating the troubled region is headed for recession sent traders running for the safety of the Japanese currency at the expense of the euro and the dollar.
Tokyo eased 0.59 percent, or 59.48 points, to 10,050.39 but Seoul closed 0.99 percent higher, adding 19.99 points to 2,049.28. Sydney gained 0.18 percent, or 7.7 points, to 4,337.0.
Hong Kong rose 0.85 percent in the afternoon. Shanghai was closed for a public holiday.
US manufacturing activity accelerated in March, with the closely watched Institute for Supply Management purchasing managers index (PMI) hitting 53.2 last month, up from 52.4 in February.
A reading above 50 indicates growth while anything below suggests contraction.
The data came a day after China's official PMI showed a surprise surge to a one-year high, providing some much-needed relief from recent concerns about a severe slowdown in the world's number two economy, a key engine of global growth.
The news lifted Wall Street on its first day of trading in the new quarter, with the Dow adding 0.40 percent, the S&P 500 up 0.74 percent and the tech-rich Nasdaq climbing 0.91 percent.
However, optimism was tempered by dour European PMI figures, which showed manufacturing at a three-month low of 47.7 in March, from 49 in February.
Adding to the gloom was the announcement that eurozone unemployment hit a 15-year high of 10.8 percent in February, up from 10.7 percent the previous month.
The results tempered sentiment after Friday's agreement between eurozone finance ministers to boost their firewall against further debt crises to about 800 billion euros ($1.1 trillion).
The weak European figures prompted risk aversion, sending the safe-haven yen higher against the euro and dollar.
The greenback was changing hands at 82.00 yen in afternoon Asian trade, down from 82.06 yen in New York late Monday and rates above 83.00 yen in Asia.
The euro fetched $1.3335 and 109.40 yen, compared with $1.3319 and 109.32 yen in New York. The single currency had been trading around 111.00 yen in Asia Monday.
The Australian dollar dived after the central bank kept interest rates steady at 4.25 percent Tuesday, saying growth was close to trend and inflation near target even as it hinted a rate cut may be in the offing next month.
The dollar was trading at 104.00 US cents shortly after 0600 GMT, down from 104.33 US cents ahead of the decision.
Eyes are also on several key events later in the week, including policy committee meetings for the European, British and US central banks and the release of US unemployment figures.
On oil markets New York's main contract, West Texas Intermediate crude for delivery in May, shed 38 cents to $104.85 per barrel while Brent North Sea crude for May settlement was down 45 cents at $124.98 in the afternoon.
Gold was at $1,679.50 an ounce at 0615 GMT, compared with $1,664.25 late Monday.
In other markets:
-- Taipei fell 1.30 percent, or 102.05 points, to 7,760.85.
Leading smartphone maker HTC dived 5.45 percent to Tw$555.0 while Hon Hai Precision was 0.9 percent lower at Tw$110.0.
-- Wellington was down 0.59 percent, or 20.52 points, at 3,473.09.
Fletcher Building slipped 2.41 percent to NZ$6.47, Telecom was unchanged at NZ$2.45 and Contact Energy fell 0.43 percent to NZ$4.63.
Dear visitor, the comments section is undergoing an overhaul and will return soon.