Asian shares pushed higher by China, US

Chinese shares gained more than one per cent, led by banking and property stocks with the Shanghai Composite Index, which covers both A and B shares, closing up 1.25 per cent, or 30.08 points, at 2,439.63 on heavy turnover.

China's central bank cut the reserve requirement ratio for commercial banks by 50 basis points from Friday to ease restrictions on lending and give the domestic economy a boost.

"We expect blue chips to lead the broader market higher in the coming weeks amid growing expectations of more policy easing," Wang Weijun, an analyst at Zheshang Securities, told Dow Jones Newswires.

Hong Kong was up 0.12 per cent, with the Hang Seng index up 25.87 points to 21,406.86 on turnover of HK$61.7 billion ($7.96 billion).

Tokyo's Nikkei 225 index rose 0.54 per cent or 51.81 points at 9,647.38 on late bargain-hunting, and the Topix index of all first-section issues gained 0.60 per cent or 4.94 points to 834.29.

Major exporters were among gainers on the yen's recent weakness.

In Australia, where former foreign minister Kevin Rudd said he would challenge Prime Minister Julia Gillard for the Labor party leadership, Sydney's benchmark S&P/ASX 200 gained 0.48 per cent, or 20.6 points, to a three-month closing high of 4,306.8.

The market moves came after positive US jobs data and a German business confidence index reached a seven-month high Thursday. Greece also approved a law on a historic 107-billion-euro debt writedown.

European stock markets were up in early trade Friday, with London's FTSE 100 index gaining 0.19 per cent to 5,948.94 points, Frankfurt's DAX 30 advancing 0.86 per cent to 6,868.18 points and the CAC 40 in Paris up 0.55 per cent to 3,466.25.

Nonetheless analysts in Asia said investors were concerned that rising oil prices could act as a brake on growth, just as a global economic recovery seems possible.

Crude prices reached a nine-month high Thursday, pushed up by tensions over Iran.

In Asian trade late Friday, New York's main contract, West Texas Intermediate light sweet crude for April delivery, rose 53 cents to $108.36, while Brent North Sea crude for April gained 15 cents to $123.77.

"Rising oil prices are not good for energy-hungry economies," said Justin Harper, strategist at IG Markets in Singapore in a note.

The euro bought $1.3390 and 107.86 yen, up from $1.3369 and 106.94 yen in New York late Thursday.

The dollar traded at 80.55 yen compared with 79.98.

Gold was at $1,779.15 an ounce at 1035 GMT, compared with $1,778.80 on Thursday.

In other markets:

-- Seoul was 0.6 per cent, or 12.09 points, higher at 2,019.89.

-- Mumbai fell 0.86 per cent, or 154.93 points, to 17,923.57.

-- Wellington edged down 3.39 points, or 0.1 per cent, to 3,319.76

Air New Zealand fell 3.37 per cent to NZ$0.86 after announcing a 61 per cent slump in half-year profits, while Telecom was up 0.47 per cent at NZ$2.16 after its adjusted interim profit rose 52 per cent.

-- Singapore was up 9.74 points, or 0.33 per cent, to 2,978.08.

Singapore Airlines shed 0.56 per cent to Sg$10.70 while vehicle distributor Jardine Cycle and Carriage was down 5.98 per cent to Sg$45.28.

-- Taipei rose 22.04 points, or 0.28 per cent, to 7,959.34.

Taiwan Semiconductor Manufacturing Co gained 1.28 per cent to Tw$79.1 while leading smartphone maker HTC was 0.16 per cent higher at Tw$629.0.

-- Jakarta fell 1.6 per cent, or 64.25 points, to 3,894.56.

Bank Mandiri, Indonesia's largest lender by assets, declined 3.2 per cent to 6,100 rupiah, and coal miner Bumi Resources declined 3 per cent to 2,425 rupiah.

-- Kuala Lumpur was up 2.11 points, or 0.14 per cent, at 1,558.77.

Telekom Malaysia rose 0.2 per cent at 5.08 ringgit.

-- Bangkok was up 0.53 per cent, or 6.07 points, to 1,146.14.

PTT gained 0.84 per cent to 362.00 baht, while Banpu dropped 1.23 per cent to 644.00 baht.

-- Manila was flat, easing 0.48 points to 4,893.00.

Top-traded Union Bank of the Philippines surged 17.39 per cent to 135 pesos, while sister firm Aboitiz Power added 10.84 per cent to 33.75 pesos.