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Asian stocks hit 6-week high

Reuters, Hong Kong
The dollar sank to a record low against the euro yesterday after surprisingly weak US economic data, but Asian stocks hit a six-week high on optimism corporate earnings will weather die difficult global economic environment.
Commodities and metals climbed on the back of the weaker greenback, with oil holding near a record peak above $101 a barrel. Gold surged to a record high, driven as well by a search for a hedge against inflation
European shares also expected to open modestly higher on ahead of a stream of earnings including British mortgage lender HBOS and French construction group Bouygues.
The dollar broke through the key psychological $1.50 level against the euro for the first time, and hit an all-time low against a basket of currencies, after data on Tuesday showed US consumer sentiment at a five-year low and consumer expectations at their worst in 17 years.
A separate report showing rising inflationary pressures further spooked investors. The dollar's decline was then sealed after the Federal Reserve's No 2 official reinforced views that US interest rates will continue to be cut.
"We've just gone through a major psychological level, so the market is considering where the euro's next ceiling will be,* said Hideaki Inoue, a forex manager at Mitsubishi UFJ TYust and Banking.
Hie euro rose as high as $1.5050 on electronic platform EBS. its highest level since the single cur rency was introduced in 1999, and was trading at $1.5007.
Hie dollar index fell to a record low 74.509, while Asian currencies such as the Singapore dollar, the Malaysian ringgit and theThai baht hit new decade highs.
The dollar was more steady against the Japanese yen.
Asian stock markets posted a third consecutive day of gains, after IBM's $15 billion share buyback announcement on Tuesday raised confidence the corporate sector will weather the difficult global economic environment.
The MSCl's index of Asian stocks outside Japan surged 2.4 percent after earlier hitting its highest since Jan. 16. The index had already climbed 2 percent over the previous two sessions.
Markets in Australia, Taiwan. China and India were up nearly 2 percent each. South Korea rose 0.7 percent to a five-week high, while Singapore stocks were up over 1 percent.
Japan's Nikkei index rose 1.5 percent to a six-week closing high, on a broad-based rally that included blue chips and financials.
Hong Kong shares were up 3.7 percent after the region unveiled a budget that included tax concessions and handouts. Asia-focused Standard Chartered surged 8.4 percent a day after posting 2007 earnings that beat forecasts.
Hie diverging views between stock and currency markets come
as stagflation fears are creeping among some quarters, as signs of a struggling US economy are being accompanied by a trend of higher inflation.
Federal Reserve Vice Chairman Donald Kohn said on Tuesday that a weak US economy was a bigger worry than higher inflation risks, suggesting a willingness to cut US interest rates.
Investors are likely to thus scrutinise Fed Chairman Ben Bernanke's appearance later in the day at the US Congress,
The weakening dollar also sparked another surge in commodities and metals. Gold roared to a historic high of $955.40 an ounce, well above the $946.60/947.40 seen in late US trade. Bullion prices have risen more than 14 percent so far this year.
Silver spot prices rose to $19.19/19.24, trading at its highest levels since December 1980, while palladium at one point hit a 6-1/2 year high.
Oil prices also gained on expectations for growing fuel demand and no change in production at the OPEC cartel's meeting in early March.
US crude future rose 24 cents to $ 101.13 a barrel, not far off a record $ 101.43 hit in US trade onTuesday.
"There is renewed enthusiasm for commodities among the funds. They are starting to see that the fundamentals are more favourable than in other assets," Mark Pervan. senior commodities analyst at ANZ, said.