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Asian Markets are set to open high after U.S. stocks climbed, sending the Standard & Poor's 500 Index to a two-month high, amid signs that manufacturing output is increasing from China to Australia and America.

The Dow Jones Industrial Average finished 178.84 points higher, or 1.46%, at 12396.40 with Most S&P sectors were firmly in the black, led by financials and materials. The S&P500 rose 22.92 points, or 1.82%, to 1280.20, while the Nasdaq rose 43.57 points or 1.67%.

The S&P 500 rallied 14% from last year's lowest level on Oct. 3 through Dec. 30 as better-than-estimated economic data fuelled optimism the world's largest economy can shrug off concern over Europe's sovereign-debt crisis. The S&P 500 had the 10th best performance among the world's stock markets in 2011. The gauge still recorded its first annual decline since 2008, posting a loss of 4/100ths of a point.

The euro rose as better than expected economic data boosted riskier assets and triggered short-covering. A rally in European shares on the back of the figures suggested warming appetite for riskier assets at the start of the year. This pushed the euro  nearly 1% higher on the day to $1.306, pulling away from its 2011 trough of $1.2858 hit last week. The single currency started 2012 on an upbeat note, having lost 3% last year.

Oil climbed to a six-week high after manufacturing in the U.S. and Asia expanded in December and as concern persisted that further sanctions against Iran may disrupt shipments.  Crude oil for February delivery rose $3.80, or 3.8%, to $102.63 a barrel on the New York Mercantile Exchange.

Gold futures jumped the most in 10 weeks on demand for a haven following a report that Iran produced its first nuclear-fuel rod. Silver surged the most in five months as the dollar's decline spurred a commodity rally. Gold futures for February delivery climbed 2.2% to settle at $1,600.50 on the Comex in New York, the biggest gain for a most-active contract since Oct. 25.

INDICES



Last Traded

SPI 200 future

4106

S&P500 Index

1280.52

Dow Jones

12396.40

FTSE 100 Index

5699.91



COMMODITIES



Last Traded

Gold

1604.90

Oil (Nymex)

102.99



CURRENCIES



Last Traded

AUDUSD

1.0375

EURUSD

1.3051

GBPUSD

1.5643

USDJPY

76.65

Source
Bloomberg, Dow Jones News