Asian markets up on US data

Although a meeting between France and Germany on ramping up plans to save the euro received a tepid response.Tokyo gained 0.45 percent, Hong Kong was 0.30 percent higher, Sydney added 0.99 percent, Seoul jumped 1.60 percent and Shanghai gained 0.66 percent.In the United States data showed a 9.9 percent surge in consumer credit in November, the biggest increase in a decade.Credit card spending was up 8.5 percent, while non-revolving loans, including university and automobile loans, jumped 107 percent.It added to the growing sense that a recovery in the worlds biggest economy is showing signs of strength, coming days after a fall in the unemployment rate and a bigger-than-forecast rise in job creation. The Dow finished 0.26 percent higher, the Nasdaq added 0.09 percent and the S&P 500 rose 0.23 percent.However, there were warnings that the recent string of good numbers might not mean the recovery in gathering pace. Theres certainly an air of confidence in analyst commentaries as the year gets under way, David Croy, strategist at ANZ Bank in Wellington, said.But we cant help wondering if the market has gotten ahead of itself, and setting itself up for disappointment on the data front, especially in the US, he told Dow Jones Newswires. The ongoing sovereign debt crisis in Europe showed no sign of abating despite German Chancellor Angela Merkel and French President Nicolas Sarkozy holding a meeting on the eurozone crisis.Sarkozy said after the talks that an agreement on stricter budgetary rules tying in all EU members except Britain should be signed by March 1.Merkel said negotiations on a text were progressing well and announced Paris and Berlin could accelerate payments into a permanent fund for possible future bailouts that is due to come into force later this year. The situation is tense, very tense, Sarkozy said.Earlier Monday data showed banks parked a record sum of cash at the European Central Bank, suggesting they are wary of lending to each other and stoking concerns of a credit crunch. And for the first time, Germany sold five-year bonds with a negative yield -- meaning lenders pay Berlin for the privilege of lending it money -- indicating they are looking for the safety of debt issued by Europes top economy that has so far proved resilient to the crisis.However, figures also showed German industrial output fell in November, weighed by declining activity in all sectors except construction.In Athens the International Monetary Fund reportedly expressed growing doubts about Greeces long-term ability to reduce its debts. The euro remained weak against major currencies but rebounded from a 16-month low against the greenback seen on Monday.The common currency bought $1.2768 and 98.13 yen, compared with $1.2760 and 97.90 yen in New York overnight. However, it is up from the $1.2666 seen Monday, which was its lowest since September 2010.The dollar fetched 76.87 yen, compared with 76.84 yen in New York.On oil markets New Yorks main contract, light sweet crude for delivery in February, gained 21 cents to $101.52 per barrel and Brent North Sea crude for February delivery was up 12 cents to $112.57Gold was at $1,615.60 an ounce by 0200 GMT against $1,620.60 late Monday.