Asian Markets rise on U.S. retailer results (AP) (16-11-2009)

HONG KONG (AP) -- Asian stock markets advanced Monday on better-than-expected U.S. retailer results. Gold prices hit a new record.

Major markets across Asia rose between 1 percent and 2 percent as the foundering dollar led investors to pour more money into commodities and shares of resource companies. Gold broke above $1,130 for the first time and oil traded higher around $77.

In Japan, the Nikkei 225 stock average closed up 20.87 points, or 0.2 percent, to 9,791.18. But investors largely brushed off news that Japan's economy expanded at an annual pace of 4.8 percent in the third quarter, marking a second straight quarter of expansion and the strongest surge in gross domestic product since 2007.

In greater China, Hong Kong's Hang Seng rose 390.35, 1.7 percent, to 22,943.98, and Shanghai's benchmark surged 87.40 points, or 2.7 percent, to 3,275.05.

Markets in South Korea, Taiwan, India, Singapore and Australia rose between 1 percent and 2 percent.

Oil prices rose in Asia amid a weaker U.S. dollar and an improving global crude demand outlook next year. Benchmark crude for December delivery was up $1 to $77.35 a barrel; the contract settled down 59 cents at $76.35 on Friday.

The flailing greenback also lifted gold, seen as a hedge against a lower U.S. currency. Gold prices gained $12.7 at $1,129.4 after touching a new high of $1,130.6.

In currencies, the dollar was flat at 89.52 yen. The euro gained to $1.4974 from $1.4923.

Source: AP