Asian stocks get lift from banks, exporters

HONG KONG (MarketWatch) � Asian stocks climbed Friday, with financial stocks and exporters again leading the charge as eased worries about the euro-zone debt crisis and a higher finish on Wall Street provided a lift.

Hong Kong�s Hang Seng Index HK:HSI �gained 0.9% to 20,111.84, ending above the 20,000-point level for the first time since Nov. 9, while Japan�s Nikkei Stock Average JP:100000018 �added 1.5% to 8,766.36. Both benchmarks rose for a fourth straight trading day.

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China�s Shanghai Composite CN:000001 �added 1% to 2,319.12, South Korea�s Kospi KR:SEU �gained 1.8% to 1,949.89 and Australia�s S&P/ASX 200 index AU:XJO �edged up 0.6% to 4,239.60.

HSBC released the initial results from its January Purchasing Managers� Index survey of manufacturers on Friday, showing activity contracting, though at a slightly slower pace than in December. The China PMI �flash� reading edged up to 48.8, compared to a final print of 48.7 in December. See report on HSBC China PMI survey.

�It means that the manufacturing sector is still in contraction, but the pace of contraction is stabilizing,� said Wei Yao, China economist at Societe Generale.

The positive tone for Asian stocks was helped in part by a higher finish on Wall Street Thursday, boosted by a jobless claims and better-than-expected bank earnings reports. Read more on the U.S. session.

Likewise, successful French and Spanish bond auctions spurred a European markets rally, along with expectations that a deal between the Greek government and private-sector creditors may be close at hand. Read more on the European session.

�Short-term, the global risk environment [has improved] with greater desire for risk trades, and a little bit reassurance after the European bond auctions,� Jefferies Japan strategist Naomi Fink said.

�It�s still a volatile time. Nobody is going to forget what�s going on in euro-land,� she said.

The well-received European bond auctions pushed the euro EURJPY higher, lending support to Japanese exporters.

Panasonic Corp. JP:6752 �PC �rose 4%, Sharp Corp. JP:6758 SHCAF �gained 3.2% and Casio Computer Co. JP:6952 �CSIOY �up 4.3%.

Toyota Motor Corp. JP:7203 �TM �put on 4.1% and Honda Motor Co. JP:7267 HMC �improved 3.2%.

In Seoul, Samsung Electronics Co. SSNGY �climbed 3.1% and LG Electronics Inc. LGEIY �added 1.8%.

Above-forecast earnings and increased capital-spending plans from Intel Corp. INTC �helped technology plays. In Tokyo, Kyocera Corp. JP:6971 KYOCF �gained 2.7%, and TDK Corp. JP:6762 TTDKY �added 3.3%.

Jeffferies� Fink said �a sense of undervaluation and [earthquake] reconstruction demand� also underpinned gains in Japan.

�[Global risk] sentiment has been very volatile, and that�s one of things that has kept the market undervalued,� she said.

Several financial firms climbed, tracking solid gains for European lenders on Thursday. Hang Seng Index heavyweight HSBC Holdings PLCHK:5 HBC �added 3.7% in Hong Kong.

Mitsubishi UFJ Financial Group Inc. JP:8306 MTU �advanced 5.1% and Nomura Holdings Inc. JP:8604 NMR �surged 5.2% in Tokyo, Macquarie Group Ltd. AU:MQG MQBKY rose 3.2% in Sydney and KB Financial Group Inc. KB �KR:105560 �added 4.6% in Seoul.

Some Australian materials stocks extended recent strength: Fortescue Metals Group Ltd. AU:FMG �rose 2.6% and Alumina Ltd. AU:AWC �AWC �put on 3.6%.