Asian shares mostly rose in the region

Asian shares mostly rose in the regions first full day of trade Wednesday as investors took a strong lead from Wall Street and Europe thanks to upbeat economic data on both sides of the Atlantic.However, confidence remained fragile as Europes debt woes continued to linger, with the euro under pressure and dollar also struggling against the safe-haven yen.Of the major markets opening for the first time in 2012, Tokyo was 1.84 percent up by the break and Shanghai added 0.32 percent.Sydney shot up 2.14 percent but Hong Kong slipped 0.37 percent and Seoul gave up 0.11 percent.Sentiment was given a lift by manufacturing data from the United States and Europe.The US Institute for Supply Management said Tuesday its manufacturing index hit 53.9 percent in December, an increase of 1.2 points from November and the fastest rate in six months, surpassing expectations.Any figure over 50 indicates growth while anything below suggests a contraction.Meanwhile, the Commerce Department reported construction spending increased 1.2 percent in November, above forecasts.US stocks surged on the news, with the Dow up 1.47 percent, the tech-rich Nasdaq 1.67 percent higher and the S&P 500 rising 1.55 percent.The US data followed positive consumer spending and manufacturing figures in Germany, as well as the best unemployment figures for 20 years, which confirmed recent upward trends in Europes biggest economy.On New Years Day China announced official index of manufacturing activity unexpectedly rose to 50.3 in December, rebounding from a 33-month low of 49 in November.Investors like the fact that we had better-than-expected December manufacturing data around the world, said Macquarie Private Wealth division director Martin Lakos.I dont think we [can hang] our hats on one month of data, but its nice to see markets reacting positively to good news, he told Dow Jones Newswires.The eurozone debt crisis has not gone away, however, with bad Spanish employment and public deficit figures casting a pall.The euro slipped in early Asian trading after enjoying a strong rise Tuesday thanks to the economic data.It bought $1.3022 and 99.85 yen in early Asian trade, from $1.3051 and 100.10 yen in New York late Tuesday.The dollar stayed weak against the Japanese yen, trading at 76.75 yen compared with 76.68 yen in New York.World crude prices inched lower in Asian trade after soaring overnight over tensions between major oil producer Iran and the United States.New Yorks main oil contract, light sweet crude for delivery in February delivery, was down 10 cents at $102.86 per barrel and Brent North Sea crude for February shed six cents to $112.07.Gold stood at $1,600.90 an ounce at 0200 GMT compared with $1,590.00 late Tuesday.