Asian markets mostly up
Asian markets mostly rose on Friday with Japanese and Australian stocks lifted by positive signals from both economies, even as uncertainty about Egypt kept oil prices around the $100 mark.
With most other Asian markets closed for Lunar New Year, Tokyo's Nikkei index ended the session up 1.08 percent, or 112.16 points, at 10,543.52, while Sydney's S&P/ASX 200 index rose 0.87 percent, or 42.1 points, to 4,862.7.
Japanese stocks were boosted by news of a planned merger between the country's largest steel-maker Nippon Steel and third-ranked Sumitomo Metal Industries, which would create the world's second-largest steel firm.
Sydney meanwhile was supported by relatively positive comments from the Reserve Bank of Australia.
But Indian stocks fell 2.39 percent as investors unwound positions ahead of the weekend on fresh concerns over unrest in Egypt, rising crude oil prices and inflation.
The benchmark 30-share Sensex index fell 441.16 points to 18,008.15, a five-month-low. Bank, metal and property stocks were hardest hit.
India's top property stock DLF fell 2.77 percent or 6.75 rupees to 237.2 while the country's largest private aluminium producer Hindalco dropped 3.58 percent or 8.8 rupees to 236.9.
India's central bank has already hiked interest rates seven times in less than a year in an effort to tame inflation, but Indian shares have fallen more than 13 percent this year on overseas funds outflows in excess of $1.3 billion.
Generally, traders were looking ahead to January jobs data from the United States later Friday for cues on the health of the world's largest economy.
World oil prices remained high in Asian trade, with the market under pressure from the continuing political crisis in Egypt.
New York's main futures contract, light sweet crude for March, was up 40 cents at $90.94 in Asian afternoon trade.
Brent North Sea crude for March advanced 33 cents to $102.09. In overnight London trade, the contract hit $103.37 at one point, its highest level since September 26, 2008, before settling lower.
US stocks gained on Thursday after Federal Reserve chairman Ben Bernanke said the economic recovery was gaining pace.
The Dow Jones Industrial Average closed up 0.17 percent, the broader S&P 500 rose 0.24 percent and the tech-heavy Nasdaq increased 0.16 percent.
The greenback stayed in a narrow range in Asian trade. The dollar stood at 81.55 yen, little changed from 81.59 yen in New York. The euro bought $1.3632 and 111.20 yen, little changed from $1.3630 and 112.23 yen in New York.
The euro recorded its sharpest decline in 10 weeks on Thursday from $1.38 to around $1.36 as the head of the European Central Bank, Jean-Claude Trichet, appeared to step back from more aggressive warnings about inflation risks he and fellow ECB officials made in January, which helped propel the euro higher.
With most markets closed in Asia, gold trading was thin, with Dow Jones Newswires reporting the spot price at $1,351.40, down $4.20 from Thursday's New York close.
In other markets:
Wellington rose 0.53 percent, or 17.93 points, to 3,367.82 after a second potential bidder emerged for agricultural services firm PGG Wrightson.
Bangkok rose 0.43 percent or 4.18 points to close at 984.78.
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