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Asian stocks mostly higher

Hong Kong - Asian markets rose in early trade on Wednesday, with a rally on Wall Street and an upbeat global economic outlook compounded by receding fears of a US-led strike on Syria.

However, profit-taking capped gains after the previous two days' advances, but Japanese exporters were supported as the dollar held above the ¥100 level passed on Tuesday.

Tokyo climbed 0.61%, adding to the 4% gain enjoyed since the weekend, thanks to Japan's successful bid to host the 2020 Olympics and stronger than expected growth data.

Hong Kong was up 0.52% and Shanghai rose 0.54% after another round of Chinese indicators that suggest the world's number two economy is picking up after a slowdown this year. Sydney added 0.48% but Seoul was 0.10% lower.

US President Barack Obama vowed in a national address in Washington on Tuesday to give diplomacy a chance before launching a military attack on Syria for using chemical weapons on its own people last month.

The Assad regime earlier in the day agreed to a proposal by Russia to "place the chemical weapons under international control and then have them destroyed".

The news soothed tensions on global markets, which slumped last month as traders bet on an attack by the US and its allies they feared could spark a wider conflict in the Middle East.

Improving confidence among investors helped the dollar up against the yen, which is considered a safer bet in times of uncertainty.

In early trade the greenback bought ¥100.41, compared with ¥100.40 late in New York and well up from the ¥99.60 in Asia on Tuesday.

The euro fetched ¥133.21 and $1.3267 against ¥132.48 and $1.3251.

Regional markets were given a positive lead by Wall Street on the back of the Syria developments and the economic data out of China and Japan that suggest a healthy pick-up in the global economy. The Dow rose 0.85%, the S&P 500 added 0.73% and the Nasdaq advanced 0.62%.

Oil prices retreated as easing Syria woes reduced concern about supply from the Middle East. New York's main contract, West Texas Intermediate for delivery in October, was down 51 cents to $106.88 a barrel, while Brent North Sea crude for October was down 5c to $111.20.

Both contracts had hit multi-month peaks in August, at the height of the Syrian crisis.

Gold cost $1 363.30 an ounce at 02:20 GMT compared with $1 372.04 late on Tuesday.

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Rand - Dollar
18.94
-0.0%
Rand - Pound
23.90
+0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
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Rand - Yen
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Platinum
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Palladium
1,014.94
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Silver
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