Asian stocks largely higher after Wall Street hits record

Shanghai led several Asian stock markets higher Monday as traders bet on fresh economy-boosting measures in China, while another record-breaking close on Wall Street also supported regional markets.

The euro held up against the dollar and yen despite nervousness as Greece tries to hammer out a bailout reform deal with creditors that will unlock much-needed cash to service its debts.

Shanghai soared 3.04 percent, or 133.71 points, to 4,527.40 while Hong Kong was up 1.49 percent in late trade.

Sydney jumped 0.83 percent, or 49.4 points, to close at 5,982.7.

Tokyo was weighed down by a stronger yen, with the Nikkei closing 0.18 percent, or 36.72 points, lower at 19,983.32. Seoul finished 0.10 percent down, shedding 2.26 points to 2,157.54.

Shanghai and Hong Kong continued their upsurge as a recent run of weak data fuels expectations Beijing will add to its two interest rate cuts since November and two reductions in bank reserve requirements.

Hong Kong's market has jumped about 15 percent this month as mainlanders rush into it after a year-long rally in Shanghai that has seen the benchmark index there more than double.

Adding to confidence in mainland shares is a report that China is considering more than halving the number of state-owned firms through mergers and restructuring as part of a drive to boost the economy.

"Big oil names are soaring because of speculation that the government is studying mergers in the industry," said Clement Cheng, a trader at RBC Investment Management Asia in Hong Kong.

"The oil sector has been undervalued for a long time."

New York dealers provided a healthy lead, with the S&P 500 and Nasdaq pushing to new highs Friday.

The Nasdaq added 0.71 percent after breaking a 15-year-old record on Thursday, while the S&P 500 rose 0.23 percent to a new record. The Dow gained 0.12 percent.

The gains came after official figures showed orders for US durable goods surged four percent in March, driven by a jump in orders for civilian and military aircraft as well as autos.

- 'Zero for longer' -

But with those elements stripped out, the report showed an 0.2 percent decline in orders, underscoring the weakness of US non-transport industries -- partly due to the strong dollar.

"Friday's US durable goods orders report was sufficiently weak to power US stock indices to new record highs, such was the 'zero (interest rates) for longer' interpretation of the data," Ray Attrill, global co-head of foreign-exchange strategy at National Australia Bank, wrote in a note Monday.

The news put downward pressure on the dollar, which fell Friday to 118.99 yen in New York from 119.56 yen in Tokyo earlier in the day. On Monday the greenback bought 118.23 yen.

The euro fetched $1.0865 and 129.50 yen against $1.0873 and 129.38 yen in US trade.

The single currency has managed to maintain its relative strength despite uncertainty about Greece's future in the eurozone as it struggles to find cash to pay its bills.

Greece has been trying to negotiate a deal that would unlock 7.2 billion euros in remaining bailout funds needed to avoid default and a possible exit from the euro.

Athens said its leaders would resume talks with creditors Monday after Prime Minister Alexis Tsipras spoke by phone to German Chancellor Angela Merkel.

In a bid to speed up the stalled negotiations, Tsipras met Jeroen Dijsselbloem, head of the Eurogroup of finance ministers.

The group, which is in charge of the negotiations on Greece's debt, will hold a teleconference with Athens Monday, and a second meeting in person on Wednesday in the Belgian capital.

The developments come after EU ministers heaped pressure on Greece Friday to speed up negotiations, after a meting in Riga last week ended without a breakthrough.

Oil prices were marginally lower. US benchmark West Texas Intermediate for June delivery eased 21 cent to $56.94 while Brent crude for June fell eight cents to $65.20.

Gold fetched $1,182.77 against $1,191.95 late Friday.

In other markets:

-- Taipei added 0.60 percent, or 59.84 points, to 9,973.12.

Fubon Financial Holding jumped 4.08 percent to Tw$63.7 while Hon Hai Precision Industry was 0.11 percent higher at Tw$94.7.

-- Wellington was closed for a public holiday.

-- Bloomberg News contributed to this report --