An investor looks at the stock price monitor at a private securities company on Oct. 16, 2012, in Shanghai, China. Asian markets climbed Thursday, Oct. 18, 2012, as dealers welcomed news that China’s economy grew in line with forecasts, while confidence was also lifted by more upbeat US data and hopes for the eurozone. AP PHOTO
HONG KONG—Asian markets climbed Thursday as dealers welcomed news that China’s economy grew in line with forecasts, while confidence was also lifted by more upbeat US data and hopes for the eurozone.
Soothing comments on the economy from Chinese Premier Wen Jiabao on Wednesday also provided support, while dealers looked ahead to a European Union summit set to begin later in the day.
Shanghai rose 1.24 percent, or 26.07 points, to 2,131.69 while Hong Kong added 0.48 percent, or 102.07 points, to 21,518.71.
Tokyo closed 2 percent higher, adding 176.31 points to 8,982.86 as a weakening yen boosted exporters, while Sydney gained 0.69 percent, adding 31.2 points to 4,559.4 and Seoul advanced 0.20 percent, or 3.97 points, to 1,959.12.
China said its economy grew 7.4 percent in the third quarter to the end of September, easing for a seventh straight quarter and underscoring its weakest performance since the global financial crisis.
However, the figure matched expectations, while other economic data pointed to a possible bottoming out of the economy, which has been severely hit this year by troubles in its key export markets of Europe and the United States.
Growth in the quarter was the slowest since 6.6 percent recorded in the first three months of 2009 during the global financial crisis.
The economy grew 7.6 percent in the second quarter of 2012.
But industrial output rose a better-than-expected 9.2 percent year on year in September, while retail sales, the main gauge of consumer spending, rose 14.2 percent in September.
The figures follow data at the weekend showing exports, which have seen a steep drop in recent months, surged almost 10 percent in September.
“The latest data supports our hypothesis that the economy may have bottomed and will turn for the better in the fourth quarter,” Zheng Pin, an analyst with Minsheng Securities, told Dow Jones Newswires.
“This gives the market newfound confidence,” he added.
On Wednesday Wen said he was confident China’s economy was stabilizing and that measures put in place would ensure it would continue to do so, adding that he expected Beijing’s target of 7.5 percent growth for the year would be achieved.
“We have confidence that with hard work we can realize the year’s economic and social development goals,” he added, although he also warned that the weak global economy would pose a challenge.
Regional markets were already higher on Thursday morning as traders extended the previous day’s gains after Moody’s held off a downgrade of Spain’s credit rating, while hopes were growing that Madrid would ask for a bailout.
Concerns over Greece have also eased on rumors it will be given more time to implement crucial reforms that will help get the economy back on track.
News that US housing starts leaped 15.0 percent in September from August, to an annual rate of 872,000, the strongest pace since July 2008, indicated that the world’s No. 1 economy is gradually getting back on track.
On Wall Street, the news helped shares reverse earlier losses. The Dow ended flat, the S&P 500 gained 0.41 percent and the Nasdaq added 0.10 percent.
The safe-haven yen was down as dealers became more confident in buying up riskier assets.
In early European trade, the dollar rose to 79.24 yen from 78.97 yen in New York late Wednesday, while the euro hit 103.99 yen, up from 103.60 yen.
The single currency was also trading at $1.3116, compared with $1.3120.
Oil prices were mixed. New York’s main contract, light sweet crude for delivery in November, dropped a cent to $92.11 a barrel and Brent North Sea crude for December delivery added 21 cents to $113.43.
Gold was at $1,743.40 at 1100 GMT compared with $1,749.60 late Wednesday.
In other markets:
— Singapore closed up 0.48 percent, or 14.69 points, at 3,060.36.
Singapore Airlines gained 1.32 percent to Sg$10.75 and Jardine Cycle and Carriage added 2.03 percent to Sg$52.23.
— Taipei was flat, edging 1.01 points higher to 7,465.41.
Taiwan Semiconductor Manufacturing Co. added 0.80 percent to Tw$88.1 while Hong Hai Precision was 0.11 percent higher at Tw$87.5.
— Manila closed flat, dipping 2.44 points to 5,435.94.
— Wellington closed 0.93 percent higher, adding 36.77 points to 4,001.95.
Telecom rose 0.8 percent to NZ$2.46 and Fisher & Paykel Appliances gained 2.4 percent to NZ$1.27, while Fletcher Building surged 3.27 percent to NZ$7.59.
— Kuala Lumpur added 0.29 percent, or 4.75 points, to 1,665.42.
Hong Leong Bank rose 1.6 percent to 14.20 ringgit while PPB Group added 2.1 percent to 12.46 ringgit. Malayan Banking fell 1.8 percent to 9.11 ringgit.
— Jakarta rose 0.45 percent, or 19.44 points, to 4,356.97.
Hero supermarket rose 17.5 percent to 4,025 rupiah, car maker Astra added 3.1 percent to 8,200 rupiah and Bank Rakyat Indonesia gained 1.3 percent to 7,800 rupiah.
— Bangkok finished 0.76 percent higher, adding 9.93 points to 1,311.21.
— Mumbai rose 0.97 percent, or 181.16 points, to 18,791.93.
Tata Power rose 3.13 percent to 106.95 rupees while the largest commercial bank State Bank of India rose 2.8 percent to 2,276.65.