Asian shares up as Ukraine worries recede

Hong Kong - Asian markets mostly rose on Wednesday, following a global rally on easing Ukraine fears after Russian President Vladimir Putin played down the prospects of a war by saying there was no need to send troops into the country.

His comments fuelled a second day of buying, which sent the S&P 500 on Wall Street to a new record high, while the dollar edged up against the yen as investors became more confident in higher-risk assets.

Australian shares were also given a boost by better-than-expected growth data, but Shanghai edged lower as China's leaders moved to temper expectations for the world's number two economy this year with a tepid forecast for expansion.

Tokyo jumped 1.50 percent by the break, Hong Kong added 0.80 percent and Seoul was 1.09 percent higher. Sydney rallied 0.62 percent and Shanghai was up 0.10 percent.

Investors breathed a sigh of relief after Putin said Tuesday that while he reserved the right to send troops into Ukraine, "so far there is no such necessity", and that such a move would only be a last resort.

Global markets tumbled on Monday after lawmakers voted to allow Putin to send troops into Crimea, a mainly Russian-speaking peninsula in the southeast of Ukraine, following the ouster of the country's pro-Moscow government.

On Wall Street the S&P 500 advanced 1.53 percent to a new record, the Dow surged 1.41 percent and the Nasdaq gained 1.75 percent.

"We're not sure how one says 'phew' in Russian, yet that is a collective exclamation at this juncture," said Briefing.com analyst Patrick O'Hare.

The latest news boosted the dollar against the yen in New York trade after it sank earlier in the week as traders sought out the relative safety of the Japanese unit.

The dollar bought 102.21 yen, compared with 102.24 yen late in New York but well up from the 101.74 yen in Asia earlier Tuesday.

The euro fetched $1.3735 and 140.36 yen against $1.3740 and 140.49 yen.

China's National People's Congress, the nation's rubber-stamp legislature, began its annual meeting Wednesday with Premier Li Keqiang saying the government was targeting 7.5 growth in 2014, unchanged from last year.

The figure is below the 7.7 percent seen in 2013 and 2012 -- which was the worst rate of growth since 1999.

The economic growth estimate figure is closely watched by analysts for insight into the leadership's thinking about the economy and how they expect it to perform.

The "around 7.5 percent" goal came after soft recent economic data, with a key manufacturing index slipping to an eight-month low in February. Analysts are keeping an eye on the meeting, hoping for a fresh set of policies aimed at fuelling growth in the Asian economic giant.

Shares in Sydney rallied after official data showed Australia's economy expanded 0.8 percent quarter on quarter in the last three months of 2013, higher than the 0.7 percent forecast thanks to a pick-up in exports.

The figures add to indications in Australia that the country is at an upwards turning point, as they came despite weakness in major market China and turmoil in the domestic manufacturing sector.

The Australian dollar rose to 89.92 US cents in response to the news from Tuesday's close of 89.31 US cents.

Oil prices were mixed. New York's main contract, West Texas Intermediate for April delivery, gained three cents to $103.36 in early Asian trading, while Brent North Sea crude for April eased 13 cents to $109.17.

Gold fetched $1 336.60 an ounce at 02:30 GMT compared with $1 337.11 late on Tuesday.