Asian stocks rise on US stimulus hopes

Hong Kong: Asian stocks gained Friday, with Tokyo clawing back some ground after plunging in the previous session as tepid US data eased concerns that the Federal Reserve could begin tapering its aggressive stimulus program.

Tokyo climbed 1.64 percent after the Japanese government released a barrage of economic data just before the market opened, including a stronger-than-expected on-month rise of 1.7 percent in April factory output.

The benchmark Nikkei index on Thursday lost 5.15 percent as jittery investors dumped shares on the back of a stronger yen and mounting concerns over global growth.

In other markets, Hong Kong rose 0.39 percent, Seoul gained 0.56 percent while Sydney and Shanghai traded flat.

The Dow Jones Industrial Average added 0.14 percent at 15,324.53 on Thursday as weaker-than-expected economic news fueled hopes the Federal Reserve will continue to keep its foot on the stimulus pedal.

New claims for unemployment insurance benefits unexpectedly rose in the US last week, by 10,000, and pending home sales edged up 0.3 percent in April, when 1.5 percent was forecast.

The US government's revised estimate of first-quarter economic growth came in barely changed at 2.4 percent. Analysts had expected that it would hold unchanged at 2.5 percent.

In currency markets, the dollar firmed to ¥101.01 in early Asian trade from ¥100.74 in New York late Thursday.

The euro bought $1.3040 and ¥131.85 against $1.3043 and ¥131.39.

Oil was down in Asia, with New York's main contract, light sweet crude for delivery in July dropping eight cents to $93.53 a barrel and Brent North Sea crude for July delivery shedding seven cents to $102.12.

Gold was at $1,419.80 at 0220 GMT from $1,399.52 late Thursday.