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Updated Friday, August 6, 2010 11:11 am TWN, AFP

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Asia stocks edge up on US data

HONG KONG -- Asia-Pacific stocks mostly edged higher on Thursday, relieved by a rise in the dollar in New York following some positive U.S. economic data.

Tokyo's Nikkei index ended the day up 1.73 percent, or 164.58 points, at 9,653.92, after plunging 2.11 percent the previous day.

Sydney rose 0.54 percent, led by resource stocks ahead of Rio Tinto's first-half results, which after the close showed a 125 percent jump in earnings.

Trade was generally muted however as brokers await all-important U.S. jobs data on Friday, widely expected to darken the outlook for the world's largest economy.

There were also lingering worries about recent falls in the dollar and any move by U.S. authorities towards monetary easing.

The greenback failed to extend gains after its earlier recovery in New York, buying 86.14 yen in Tokyo afternoon trade, down from 86.26 yen in New York late Wednesday.

Earlier this week the dollar plummeted to eight-month lows around 85 yen on jitters about the pace of the U.S. recovery.

The euro, which topped 1.32 to the dollar to hit a three-month high this week, was trading at 1.3148 dollars, a shade lower than its New York rate of 1.3155 dollars. The single European currency fell to 113.28 yen from 113.56 yen.

“Friday's jobs data is important... If it turns out to be bad, it would prompt the FOMC to discuss additional monetary-easing measures,” said Hideaki Inoue, senior dealer at Mitsubishi UFJ Trust and Banking.

Car makers led the way higher in Tokyo, after reporting strong earnings for the April-June quarter.

But Hong Kong rose just 1.84 points to 21,551.72 as traders grew cautious after a 2.5 percent rise over the previous three sessions. Cathay Pacific provided support with a 4.76 percent jump after reporting an eight-fold rise in first-half profits.

Shanghai shares closed down 0.67 percent, or 17.76 points, at 2,620.76, partly on news that mainland regulators had asked banks to test the possible impact of a property price plunge on credit quality, brokers said.

The China Banking Regulatory Commission ordered banks to conduct stress tests based on an extreme scenario in which property prices plunge by 50 percent, Dow Jones Newswires said.

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