Market Report - Asian Shares Gain

Asian shares climbed to a seven-month high today on fresh hopes the global recession is easing. Japanese exporters like Canon were helped by a weaker yen, while automaker Nissan says domestic orders rose 30 percent so far in May. That was helped by the Japanese government's new tax incentives for low-emission cars. Regional technology shares rose on hopes of a revival in consumer demand. Taiwanese chipmaker Himax says conditions are improving, as it met earnings expectations. Sony rose after saying a loss-making mobile phone joint venture with Sweden's Ericcson would likely seek an injection of some $135 million through bank loans or from parent companies. Last month Sony Ericcson announced plans to cut one in five jobs this year to help it return to profit, after sluggish consumer demand resulted in a hefty first-quarter loss. Analysts say despite the Japanese and regional share gains, investors remain wary ahead of the announcement of Japan's GDP data on Wednesday. The figures are expected to show Japan's economy contracting by 4.2 percent this quarter, its worst performance since World War II.

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