Asian stocks up on China data

While confidence was also boosted by better-than-expected Chinese economic data.However, the eurozone debt cloud continued to hang over trade as Fridays downgrade of nine countries, including France, was followed by a ratings cut for the bailout fund set up to help under-pressure European economies.Tokyo rose 0.46 percent, Hong Kong shot up 1.71 percent, Sydney was 1.38 percent higher, Shanghai climbed 0.47 percent and Seoul added 1.60 percent.Investors were cheered by Chinese figures showing the worlds second economy grew 8.9 percent in the final quarter of 2011, which although slower than the previous three months was better than the 8.6 percent expected.The figures indicated that while the economy was clearly slowing as a result of troubles in its key export markets of Europe and the United States, it was not having a worrying impact.The euro was given some early support, rising to $1.2702. It had slumped to as low as $1.2624 in Toronto late Monday. New York was closed Monday for a public holiday.The single currency also bought 97.64 yen, against 97.25 yen, while the dollar was at 76.81 yen, compared with 76.78 yen.Asian traders clawed back most of the previous days big losses that were fuelled by Fridays downgrade of Frances triple-A rating by Standard & Poors as well as that of Austria and seven other nations. It did however hold Germanys top-notch rating.Confidence was stoked after Paris sold 8.59 billion euros worth of short-term bonds Monday at a lower interest rate than a previous similar auction, despite the loss of its triple-A rating.Also Moodys Investors Service soothed some of the pain, confirming Frances top-class rating.Londons FTSE 100 closed 0.37 percent higher and Paris CAC 40 added 0.89 percent and Frankfurts DAX 30 jumped 1.25 percent.However, the first major test of its credibility comes on Thursday, when it attempts to sell between 7.5 and 9.5 billion euros worth of longer term bonds.Adding to the unease was news S&P had on Monday cut the triple-A rating of the European Financial Stability Facility (EFSF), the main tool leaders hope to use as a safety net for indebted nations.While a better-than-expected take up of French bonds may calm some, the more serious issue of Greek restructuring looms ominously on the horizon, Justin Harper, head of research at IG Markets in Singapore, said in a note.Stalled talks between private lenders and debt-wracked Greece have also raised fears that Athens will not be able to write down part of its debt, which is considered vital to avoid a messy default.Gold was at $1,654.90 an ounce at 0230 GMT, against $1,645.10 late Monday.