RPT-GLOBAL MARKETS-Asian shares up, cheered by US banks, Intel
(Repeats to wider audience)
SINGAPORE, April 16 (Reuters) - Asian stocks scored solid gains on Wednesday, with high-tech exporters buoyed by a reassuring outlook from industry leader Intel Corp (INTC.O) and energy shares underpinned by record high oil prices.
Financial stocks also climbed after several U.S. regional banks' quarterly results beat forecasts, suggesting it was not all doom and gloom in a sector roiled by the U.S. mortgage market meltdown and the global credit crunch.
The battered U.S. dollar gained some ground after surprisingly strong U.S. inflation and manufacturing data suggested the Federal Reserve may be less aggressive in cutting interest rates than earlier thought. [ID:nN15448941]
"There is more confidence in the market and people are perceiving that there is a little more value," said Robert Hook, portfolio manager at Australian firm SG Hiscock & Co.
U.S. banks, including U.S. Bancorp (USB.N) and Regions Financial Corp (RF.N), reported first-quarter profits that beat forecasts and expressed confidence they could withstand rising credit losses [ID:nN15469714].
Investor sentiment was also lifted after Intel, the world's largest maker of semiconductors, affirmed its 2008 profit margin target, reassuring investors concerned about the impact of a weak U.S. economy [ID:nN15200824].
Japan's Nikkei average .N225 jumped 1.4 percent, led by high-tech exporters such as Sony Corp (6758.T), with financial stocks, including sector leader Mitsubishi UFJ Financial Group (8306.T), also powering ahead.
The MSCI's measure of Asia Pacific stocks outside Japan .MIAPJ0000PUS rose 1 percent by 0224 GMT, building on Tuesday's modest 0.5 percent gain, though the index is still down almost 11 percent so far this year.
Asia's energy and resource stocks, such as Australia's Woodside Petroleum Ltd (WPL.AX), were among the top gainers, benefiting from high oil prices.
Markets in Seoul , Singapore .FTSTI, Sydney .AXJO and Hong Kong .HSI all posted gains of around 1 percent.
However, with big Wall Street names such as JPMorgan Chase (JPM.N), Merrill Lynch MER.N and Citigroup (C.N) yet to report results this week, investors remain wary of more nasty surprises, such as an unexpected loss reported earlier this week by U.S. fourth-largest bank Wachovia WB.N.
"I expect gains to be limited as the market awaits a series of earnings overnight," said Kazuhiro Takahashi, general manager of the equity marketing department at Daiwa Securities SMBC.
The dollar edged up 0.1 percent against the euro, which traded at $1.5782 EUR= and dipped by the same margin against the yen, still near Tuesday's high of around 101.85 yen.
The U.S. currency won a rare reprieve after a gauge of New York manufacturing activity rose in April and U.S. producer prices jumped 1.1 percent in March, more than expected. Continued...
