Hong Kong - Asian markets extended their rally this week, while the euro dipped ahead of a much-anticipated European Central Bank (ECB) policy meeting that is forecast to see it introduce more monetary easing measures.
Tokyo added 48.54 points to end at 17 329.02, Sydney rose 26.56 points to 5 419.94 and Seoul was flat, dipping a marginal 0.41 points to 1 920.82.
Hong Kong rose 170.05 points to 24 522.63 and Shanghai gained 19.73 points, to 3 343.34. The mainland China index has recovered almost all the losses it made on Monday in reaction to a regulatory crackdown on margin trading.
Eyes are firmly on the ECB meeting later on Thursday, with expectations high that it will unveil a programme of asset-purchasing, or quantitative easing (QE).
Speculation has been rife for several months that more stimulus would be announced as inflation continues to weaken - prices in the euro area fell in December for the first time in five years.
According to analysts at UniCredit, the market is expecting the ECB to unveil a programme worth between €500 and €800bn ($580 to $930bn).
Wall Street took its rally into a third day on Wednesday, the Dow ending up 0.22%, the S&P 500 adding 0.47% and the Nasdaq 0.27% higher.
With traders placing bets on a vast round of easing the euro has been hammered in the past few weeks, especially as it comes just a few months after the US Federal Reserve wound up its own QE programme and considers an interest rate hike this year.
At one point last week the single currency fell below $1.1500 for the first time since late 2003.
In afternoon trade on Thursday it bought $1.1624 and ¥136.78 compared with $1.1607 and ¥136.85 in US trade.
"The euro decision is kind of well telegraphed but euro-dollar does have more to go on the downside," Thomas Averill, a managing director in Sydney at Rochford Capital, told Bloomberg News. "The eurozone economy seems pretty sluggish at the moment and needs QE."
The dollar was ¥117.66 against ¥117.90 in New York.
Oil prices were largely flat after enjoying a rare fillip Wednesday. US benchmark West Texas Intermediate (WTI) for March delivery rose just 10 cents to $47.88 and Brent rose 42c to $49.45.
On Wednesday WTI jumped $1.31 and Brent climbed $1.04.
Gold fetched $1 286.66 an ounce, against $1 300.64 late on Wednesday.
In other markets:
- Kuala Lumpur rose 11.66 points to 1 781.75.
Public Bank rose 0.56% to 17.84 ringgit, RHB Capital gained 0.13% to 7.73 while Malayan Banking was flat at 8.87 ringgit.
- Jakarta rose 37.92 points to 5 253.18.
State miner Aneka Tambang rose 0.48% to 1 055 rupiah while palm oil producer Astra Agro Lestari fell 0.72% to 24 000 rupiah.
- Singapore rose 15.83 points to 3 370.29.
Real estate developer Capitaland gained 0.59% to Sg$3.42 while United Overseas Bank rose 0.64% to Sg$23.50.
- Mumbai rose 117.16 points to end at 29 006.02 points.
Sun Pharmaceutical Industries rose 3.85% to 920.05 rupees, while National Thermal Power Corporation fell 2.30% to 140.20 rupees.
- Bangkok rose 22.98 points to 1 560.34.
Bank of Ayudhya soared 8.98 percent to 69.75 baht, while Thai Oil climbed 7.22% to 48.25 baht.
- Taipei rose 49.80 points to 9 369.51.
Taiwan Semiconductor Manufacturing fell 0.71% to Tw$140.0 while Acer ticked up 0.74% to Tw$20.45.
- Wellington slipped 25.71 points to 5 647.14.
Spark fell 1.83% to NZ$3.215 while Fletcher Building was down 1.78% at NZ$8.27.
- Manila fell 57.79 points to 7 416.31.
JG Summit Holdings plunged 11.16% to 62.10 pesos, Metropolitan Bank dropped 2.86% to 90.00 pesos and Ayala Land ended 0.29% down at 34.85 pesos.