Market Report - Asia Rides Wall Street

Asian shares gained in early trading today, after the highest close in seven months on Wall Street and encouraging U.S. manufacturing data.

The region shrugged off the bankruptcy of General Motors, which actually saw sales in Asia hit a record high in May.

Japan's Suzuki Motor ran in place although other carmakers rose, after
saying it had about $745 million in exposure to GM affiliates, although none directly to GM.

The Nikkei flirted with new 8-month highs, with Nippon Steel up after an earlier report saying it would ease output cuts.

Australia's resources sector, led by top miner BHP, surged on hopes the global slump was moderating.

In Seoul shares gained, while the government said foreign exchange reserves grew by the most ever last month, as foreign investors bought a net $3.4 billion in local shares in May.

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