Asia stocks gain after U.S. consumer spending report

Asian stock markets gained modestly early Tuesday after a report showing U.S. consumers continued to spend last month buoyed optimism about growth in the world’s largest economy.

The dollar slipped against the yen and was little changed against the euro, and oil prices hovered above $82 a barrel.

Helping sentiment were overnight gains in the U.S., where Wall Street was boosted by news that consumer spending rose for a fifth straight month in February. Consumers’ spending is by far the biggest source of economic activity in the U.S. and drives Asian export demand, and the 0.3 percent rise added to hopes they are regaining confidence.

Japan’s Nikkei 225 stock average rose 51.61 points, or 0.5 percent, to 11,038.08, and South Korea’s Kospi was up 8.54 points, or 0.5 percent, at 1,700.53. Hong Kong’s Hang Seng index rose 122.55, or 0.6 percent, to 21,357.21.

Elsewhere, markets in Taiwan and Singapore rose. Shanghai was off 0.1 percent.

In currencies, the dollar was trading at 92.30 yen from 92.51 yen. The euro was flat at $1.3477.

The benchmark oil contract was flat at $82.17 a barrel.

Investors were also keeping watch over Greece’s debt crisis, with the good news of a bailout plan offset by caution about the details.

The debt—strapped Greek government raised $6.74 billion Monday by issuing seven—year bonds. The country’s ability to borrow is an important sign of confidence after European leaders and the International Monetary Fund last week agreed to provide a financial safety net for Greece and other countries that use the euro if they couldn’t issue debt.

In the U.S. on Monday, the Dow rose 45.50, or 0.4 percent, to 10,895.86. The index is at its highest level since September 2008 and closer to the psychological threshold of 11,000.

The broader Standard & Poor’s 500 index rose 6.63, or 0.6 percent, to 1,173.22, and the Nasdaq composite index rose 9.23, or 0.4 percent, to 2,404.36.