Asian stocks gain as US data boost recovery hopes

Asian markets gained Thursday, building on this month's rally as better-than-forecast economic data in the U.S. buoyed hopes that government stimulus measures are starting to heal the global economy.

Every major market across Asia advanced as investors took relief in figures showing orders at U.S. factories for cars, household appliances and other durable goods climbed 3.4 percent last month. Also, new home sales rose 4.7 percent in February. The figures - better than the market's expectations - lifted optimism that demand in the world's largest economy might bottom out in the coming months.

That's critical for export-driven Asian countries like Japan, South Korea and Taiwan whose economies are getting hammered as American companies and consumers cut back their spending amid the country's worst recession in decades.

"These are some of the first signs that we might be seing a recovery. The hope is that the U.S. economy might be bottoming out," said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong. People are just encouraged the economy hasn't completely dived yet."

Japan's Nikkei 225 stock average rose 80.04 points, or 0.9 percent, to 8,560.03, and Hong Kong's Hang Seng surged 347.52, or 2.6 percent, to 13,969.63. South Korea's Kospi climbed 0.9 percent to 1,239.75.

Elsewhere, Shanghai's index was up 0.6 percent, Australia's benchmark added 1 percent and Singapore's key stock measure rose 2.6 percent.

Asian investors found further encouragement after Wall Street ended an erratic session higher to extend its strong gains this month. The Dow Jones industrial average rose 89.94, or 1.17 percent, at 7,749.81, while the Standard & Poor's 500 index rose 7.63, or 0.95 percent, to 813.88

U.S. stock index futures pointed to more gains Thursday in the U.S., with Dow futures up 65 points, or 0.9 percent, to 7,745, and S&P 500 futures up 7 points, or 0.9 percent, to 816.5.

Oil prices rose in Asian trade, with crude for May delivery up 48 cents at $53.25. The contract lost $1.21 to settle at $52.77 overnight.

In currencies, the dollar strengthened to 97.76 yen from 97.63 yen, while the euro weakened to $1.3571