Asian equities fight back

Strong earnings report pushed the markets up, concerns surrounding Euro zone debt abate slightly as well
Asian equities edged up today as strong earnings report pushed the markets up and the concerns surrounding Euro zone debt abated a little after euro-zone officials said a bailout package for the cash-strapped nation could be ready soon. The commodity prices were also higher, pushing resources stocks higher on hopes of strong demand. US dollar eased from previous highs, spurring sentiments in risky assets.
The Australian stocks snapped three-days of losses and ended in positive territory on Friday, taking cues from Wall Street where the major averages ended with modest gains led by earnings and speculation that debt crisis in Greece might be resolved shortly. Positive earnings from Macquarie Group set up a nice stage for the broad markets and the benchmark S&P/ASX200 Index added 21.80 points, or 0.46% to close at 4,807, while the All-Ordinaries Index ended at 4,834, representing a gain of 17.80 points, or 0.37%.
Investors in Japan, returning from a national holiday yesterday, pushed the benchmark Nikkei more than 1% as the weakening of the local currency against the US dollar and positive trading across other markets in the region also lifted market sentiment. The policy board of the Bank of Japan unanimously decided to retain the overnight call rate at 0.10%, in line with market expectations. The central bank said in a statement that it would be necessary to strengthen the foundations for economic growth and that it was considering further easing measures to support the economy. The benchmark Nikkei 225 Index rose 132.61 points, or 1.21%, to 11,057.40, while the broader Topix index of all First Section issues was up 9.40 points, or 0.96%, to 987
Further on the economic front, a report released by the Ministry of Economy, Trade and Industry revealed that an index measuring industrial production in Japan increased a seasonally adjusted 0.3% in March compared to the previous month, posting a score of 94.0. On an annual basis, industrial output surged 30.7% following the 31.3% spike in the previous month.
The South Korean market ended higher, recouping most of this week's steep losses and the Kospi advanced 0.8%. In other markets, New Zealand's NZX 50 ended up 0.1% and Philippine stocks dropped 0.2%. Hong Kong's Hang Seng Index rose 1.6% and China's Shanghai Composite inched up 0.1%, reversing early losses. Both these markets continued to underperform their Asian peers, on lingering worries about policymakers' determination to cool property markets in the world's fastest growing economy.
In Mumbai, shares rose for the third straight month as it closed 0.3 % higher on Friday, helped by gains in Asian equities, with financials and outsourcers leading the charge. The 30-share BSE index rose 0.32 %or 55.24 points to finish at 17,558.71 points.
In foreign-exchange markets, the euro was consolidating recent gains after Thursday's modest recovery, spurred by expectations euro-zone officials will have a final bailout plan for Greece ready within days. The single currency moves pass 1.3300 threshold and hit a three session high of 1.3333. Dow Jones Industrial Average futures were 20 points lower in screen trade but are displaying an ascending tendency. Crude oil futures topped $86 per barrel and eased on profit sales. The light, sweet crude oil for front month delivery was quoting at $85.53 per barrel when last seen, up 35 cents from the previous close.