Market Report Asia Edges Up

Asian shares added to recent gains today as key U.S. earnings reports beat expectations, fueling hopes that the global recession is  receding.

But deadly explosions at two Jakarta hotels weighed on Indonesian stocks and the rupiah, which had been Asia’s best performing currency this year.

The Nikkei edged higher, but the Japanese market’s gains have been limited by political uncertainty.

Nissan shares gained on a report Japan’s No.3 automaker will make its own push into hybrids, a shift in green strategy from focusing mainly on electric car development.

Japanese carmakers are coming under increasing pressure to offer more gas-electric mix vehicles, which receive eco-tax breaks in Japan.

Seoul’s KOSPI touched its highest level this year, while Sydney’s benchmark inched up to take three-day gains to nearly 7 percent.

Australian mining giant Rio Tinto, which edged up, strongly defended four staff held in China on spying charges, saying the allegations were unfounded.

And the detentions have unsettled iron ore trade, with Australia and China trading warnings, while Rio saying it wanted to keep its shipments going to the world’s No.3 economy.

(NTDTV)