Asian stocks rise, euro hit by Russia fears

Asia's markets rose further Wednesday, extending a recent rally, with a weaker yen boosting Tokyo while investors await the release this week of key US data and the Federal Reserve's policy meeting. The US and Europe's imposition of fresh sanctions on Russia left Wall Street in negative territory, while the euro struggled at eight-month lows against the dollar owing to concerns about the impact of the measures on the eurozone economy. Tokyo rose 0.18 percent, while Hong Kong added 0.55 percent, Shanghai gained 0.27 percent, Sydney put on 0.61 percent and Seoul picked up 0.69 percent. The Japanese market has enjoyed a pick-up in recent weeks thanks to a dip in the yen, which helps exporters, as well as upbeat corporate earnings. Tuesday saw auto giant Honda post healthy second-quarter earnings and announce an increase in its full-year sales and profit forecasts. That came a day after rival Nissan said quarterly profit surged 37 percent. In early trade, the dollar was at 102.10 yen compared with 102.13 yen. The last time the dollar was above the 102 mark was July 7. Regional dealers were given an anaemic lead from Wall Street, where all three main indexes fell after Washington and Europe broadened sanctions against Moscow. The European Union imposed new restrictions on the finance, defence and energy sectors, while the United States hit Russia's energy sector, arms industry and financial institutions. The Dow fell 0.42 percent, the S&P 500 lost 0.45 percent and the Nasdaq edged down 0.05 percent. The euro also took a hit, with Tuesday's announcement sparking speculation about the effects on the already fragile eurozone economy, which relies heavily on Russian energy. In New York, the single currency sank to $1.3404, its lowest since November, while in Tokyo morning trade it was sitting at $1.3410. The euro was also at 136.94 yen against 136.93 yen in US trade. Dealers are now awaiting the release of data on US economic growth for the second quarter, consumer confidence and jobs creations. Wednesday will also see the Federal Reserve hold its latest policy meeting,according to AFP.