Asia shares up after record close on Wall Street

A passer-by looks at an electronic stock board of a securities firm in Tokyo, Friday, May 23, 2014. Japan’s Nikkei 225 was up 0.9 percent at 14,473.19 after the dollar climbed to near 102 yen overnight. A weaker yen is a plus for Japan’s powerhouse export manufacturers. (AP Photo/Koji Sasahara)

HONG KONG—Asian markets resumed their upward trend Wednesday following another record-breaking close on Wall Street, where strong economic data buoyed sentiment as investors returned from a long weekend.

The bullish sentiment provided the dollar with support, while the euro remains under pressure on expectations the European Central Bank will announce fresh measures to combat deflation fears.

Tokyo rose 0.24 percent, or 34.43 points, to finish at 14,670.95, Seoul gained 0.97 percent, or 19.43 points, to 2,017.06 and Sydney added 0.28 percent, or 15.5 points, to 5,527.2.

Shanghai climbed 0.77 percent, or 15.66 points, to 2,050.23 and Hong Kong added 0.59 percent, or 135.73 points, to 23,080.03.

After the Memorial Day long weekend US shares rallied on Tuesday in response to more data showing the economy is getting back on track.

Independent business research group The Conference Board said its index of consumer confidence rose to 83.0 in May from 81.7 last month. It is also well up from 74.3 a year ago.

Home prices in the US rose 0.9 percent in March after a February stall caused by severe winter weather, the S&P/Case-Shiller index showed. And the Commerce Department said new orders for US durable goods rose 0.8 percent in April, a third consecutive pick-up and better than forecasts for a 1.3 percent fall.

The S&P 500 climbed 0.60 percent Tuesday, hitting another record after breaking the 1,900 level for the first time Friday.

The Dow added 0.42 percent, while the Nasdaq surged 1.22 percent.

Eyes are now on the release of revised first-quarter economic growth data on Friday.

Euro weaker on talk of ECB easing

In foreign exchange trade the dollar sat at 101.90 yen, compared with 101.96 yen in New York Tuesday. While the greenback is unable to break the 102 yen barrier it has been supported by the upbeat outlook on the global economy, which has seen investors embrace more risk and move away from the safe-haven Japanese unit.

The euro bought $1.3624 and 138.78 yen against $1.3634 and 139.03 yen.

The single currency has slipped steadily for three weeks as dealers bet the ECB will move to loosen monetary policy when its board meets on June 5.

Nobel laureate and economist Paul Krugman urged the ECB Tuesday to raise its 2.0 inflation target.

“I am well aware that any proposal for a rise in the inflation target is greeted with extreme scepticism by central bankers,” Krugman said at an ECB forum on monetary policy in Sintra, near the Portuguese capital Lisbon.

“If the two percent target was defendable in the 1990s, it’s likely not to be adequate in the future,” he said.

Oil prices were mixed. The US benchmark, West Texas Intermediate for delivery in July, rose 12 cents to $104.23 in afternoon trade. Brent North Sea crude for July gained 21 cents to $110.23 per barrel.

Gold fetched $1,265.08 an ounce at 1040 GMT compared with $1,283.05 late Tuesday.

In other markets:

— Mumbai rose just 0.03 percent or 6.58 points to 24,556.09 points.

Power Finance shares were up 8.25 percent at 318.30 rupees and Jet Airways was down 8.5 percent at 245.35 rupees.

— Bangkok added 0.72 percent, or 10.06 points, to 1,402.79.

Thai Airways International gained 3.82 percent to 13.60 baht, while oil company Bangchak Petroleum rose 2.52 percent to 30.50 baht.

— Kuala Lumpur’s main stock index added 4.09 points, or 0.22 percent, to 1,871.66.

IJM Corporation ended 3.8 percent higher at 6.85 ringgit while Public Bank rose 2.1 percent to 20.48. Bumi Armada fell 2.4 percent to 3.64 ringgit.

— Singapore’s Straits Times Index dropped 0.07 percent, or 2.22 points, to 3,271.84.

Oversea-Chinese Banking Corporation eased 0.31 percent to Sg$9.63 while real estate developer Capitaland gained 1.27 percent to Sg$3.18.

— Jakarta closed up 0.44 percent, or 21.65 points, at 4,985.58.

State miner Aneka Tambang rose 0.82 percent to 1,230 rupiah, while telecommunications operator Indosat lost 0.12 percent to 4,035 rupiah.

— Taipei put on 0.73 percent, or 66.42 points, to 9,121.71.

Hon Hai edged up 0.65 percent to Tw$93.4 while Taiwan Semiconductor Manufacturing Co. was 0.4 percent higher at Tw$124.0.

— Wellington rose 0.69 percent, or 35.61 points, to 5,181.46.

Fletcher Building was up 0.55 percent at NZ$9.18 and Air New Zealand added 0.23 percent to NZ$2.165.

— Manila rose 0.11 percent, or 7.62 points, to 6,787.88.

Philippine Long Distance Telephone Co. edged up 0.07 percent to 2,896 pesos while Megaworld gained 0.87 percent to 4.64 pesos.