RPT-GLOBAL MARKETS-Banks up, markets take a break from US gloom

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By Tom Miles

HONG KONG, Feb 19 (Reuters) - Asian stocks made a brisk start on Tuesday as investors sought undervalued bank shares and exporters that could gain from a modestly stronger dollar.

Unrelenting supply problems kept the heat under commodities prices, with oil CLc1 at around $96 a barrel and platinum <XPT=>, a precious metal also used in car exhaust systems, powering to a record high for the 14th day in a row.

U.S. markets were closed on Monday, but European traders put some faith back in banks after Britain's nationalisation of Northern Rock NRK.L. The DJ STOXX bank sector index rose 2.5 percent, helping FTSEurofirst 300 index to close up 2 percent.

"The news of Britain nationalising Northern Rock showed that a government would step in to stave off a credit crisis in any form, helping soothe credit market worries," said Won Jong-hyuk, an analyst at SK Securities in Seoul.

"Though credit market strains and economic growth worries would likely continue to prevent markets from regaining ground soon, stocks seem to have pretty much seen a bottom."

Asia followed Europe's lead, with MSCI's measure of Asia Pacific stocks excluding Japan .MIAPJ0000PUS up 1.2 percent by 0224 GMT and Japan's Nikkei average .N225 0.6 percent higher.

Australian banks also rose, shrugging off minutes from the latest central bank meeting which showed the bank had considered a higher rate rise to tackle inflation. [ID:nSYA003613]