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Sydney - Asian stocks reversed losses on Thursday after Hong Kong media reported upbeat Chinese economic data a day ahead of the official release, and surprisingly strong growth figures from Singapore underscored investor confidence in the region.
Gold edged closer to a record high of $1 476.21 as the US dollar fell to fresh 16-month lows versus a basket of major currencies, while US crude firmed to $107.45 a barrel, helped by a sharp fall in US gasoline stocks.
Hong Kong's Phoenix TV, citing an unnamed source, reported higher-than-expected increases in Chinese retail sales and industrial output, but also said inflation in the world's second biggest economy had accelerated.
Singapore impressed after reporting its economy grew 23.5% in the first quarter on an seasonally-adjusted annualised basis, blowing past even the most bullish forecast in a Reuters poll.
Singapore's central bank also allowed an immediate rise in the value of its currency to help tackle inflation, which it said would likely stay elevated.
The Singapore dollar - the world's 12th most actively traded currency - rose to an all-time high of S$1.2477 per US dollar before slipping back slightly.
The upbeat data helped Asian stocks regain ground with Japan's Nikkei ending 0.1% higher, having earlier fallen as much as 0.9%. Stocks elsewhere in Asia put on 0.08%, keeping in sight a three-year peak set on Monday.
US stock index futures traded modestly higher, suggesting a positive start for Wall Street.
Australia's S&P/ASX 200 index was one of the weakest performers in the region, closing down 0.6%, led by a 12% plunge in contractor Leighton Holdings , which flagged a big year loss.
"We've had a fantastic run in the previous three weeks. We're easing back a bit now and that's probably the way we'll glide into Easter," said Austock Securities senior client adviser, Michael Heffernan.
