TOPWRAP 2-Wells Fargo boosts stocks; S.Korea averts recession

* Wells Fargo expects record Q1 profit, stock up 30 pct

* South Korea avoids recession in Q1, but 2009 seen weak

* Chinese March exports fall less than expected

* Wall St marks 5th straight week of gains, Asia up (For full crisis coverage, double click on [nCRISIS])

By Jonathan Stempel and Seo Eun-kyung

NEW YORK/SEOUL, April 10 (Reuters) - U.S. bank Wells Fargo (WFC.N) forecast a record profit, South Korea steered clear of recession, and Chinese export data beat expectations, all offering hope that the worst of the financial crisis had passed.

Encouraging data on U.S. trade and jobless claims helped Wall Street stocks end up for a fifth week on Thursday, while White House economic adviser Lawrence Summers predicted the economy would emerge from a sense of "freefall" in months as stimulus and rescue efforts took effect. [ID:nN09296748]

Asian stocks were also higher on Friday, with Japan's Nikkei average .N225 ending up 0.5 percent, having reached a three-month high above 9,000 points during the session. [.T]

"The Nikkei is likely to test this year's peak of around 9,300 in the near term, supported by growing optimism towards the U.S. economy," said Takahiko Murai, general manager of equities at Nozomi Securities.

"But further gains in Tokyo stocks might be limited as executives at major firms here still hold pessimistic views on the Japanese economy."

Japan's Prime Minister Taro Aso formally announced a $154 billion spending plan to lift the country out of its deepest depression since World War Two.

China's stocks soared to a seven-month closing high after the official Xinhua news agency said exports had fallen 17.1 percent in March, much slower than February's 25.7 percent tumble, and beating economists' forecast of a 21.5 percent drop.

BANKS EYED

Banks remained in focus. Sumitomo Mitsui Financial Group (8316.T), Japan's third largest, was flooded with sell orders after it said it faced a net loss of $3.9 billion for the financial year just ended and would raise as much as $8 billion through the sale of shares. [ID:nT318023]