Asian stocks rise amid hopes Fed to act on economy

BANGKOK, Sept 29 (AP): Asian stock markets mostly climbed Wednesday, supported by growing speculation that the Federal Reserve is likely to introduce more measures to support the US economy, a key market for Asian exporters.

Japan's benchmark Nikkei 225 stock average rose 63.62 points, or 0.7 per cent, to 9,559.38. Sentiment was upbeat in Tokyo as a key central bank survey of business confidence at major Japanese manufacturers improved for the sixth straight quarter. But companies also signalled they are anxious about the future amid cooling global growth and a strong yen.

The Bank of Japan's quarterly "tankan" survey showed that the main index for large manufacturers stood at 8, up from 1 three months ago.

In Hong Kong, the Hang Seng Index gained 298.81 points, or 1.4 per cent, to 22,408.76 while South Korea's Kospi increased 10.48, or 0.6 per cent, to 1,866.45. Markets in Singapore, Taiwan and Indonesia also climbed.

Australia's S&P/ASX 200 index closed down 0.5 per cent at 4,645.00 and the Shanghai Composite Index retreated less than 0.1 per cent to 2,610.68.

In New York overnight, the Dow Jones industrial average gained 46.10 points, or 0.4 per cent, to 10,858.14 despite a slump in US consumer confidence.
A monthly survey showed Tuesday that US consumer confidence in September dropped to its lowest level since February. Economists closely monitor the confidence survey as consumer spending alone accounts for about 70 per cent of US economic activity.

The weak confidence result sparked market speculation that the Fed might announce further stimulus measures at the end of a Nov 2-3 meeting in a bid to shore up the recovery in the US economy.

In currencies, the dollar fell to 83.57 yen from 83.85 yen late Tuesday in New York. The euro rose to $1.3621 from $1.3574.

Benchmark crude for November delivery was up 49 cents at $76.67 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 34 cents to settle at $76.18 Tuesday.