Tokyo Nikkei 225 up 0.54%, S&P ASX 200 up 0.31% (Il Sole 24 Ore Radiocor) - Tokyo , 14 Aug - Asian shares outside China closed higher, rebounding for a fourth straight session on growing hopes that concerns over a US recession were overblown.

Investors awaited US consumer price index data due later today for more cues on the Federal Reserve's interest rate path. The reading is expected to show inflation cooled slightly in July.

Traders aslo braced for Japanese gross domestic product data for the second quarter due tomorrow, after the country's economy shrank much more than expected in the first quarter.

Chinese industrial production and retail sales data are due on tomorrow and a string of key June quarter earnings from the region's biggest economy are also on tap this week.

On the policy front, the Reserve Bank of New Zealand unexpectedly cut its benchmark cash rate by 25 basis points to 5.25% from 5.50% previously as annual inflation stabilises within the bank's target band of 1-3%. Economists polled by Reuters had forecast the central bank would maintain rates at 5.5%.

On the poitical front, Japanese prime minister Fumio Kishida said he will not seek re-election as head of the ruling Liberal Democratic Party (LDP) next month - effectively meaning the end of his premiership when the party elects a new leader - after three years marred by political scandals.

The Nikkei index closed up 0.58% at 36,442 points . In Sydney the S&P ASX 200 closed up 0.31% at 7,850 points, while in Seoul the KOSPI closed up 0.87% at 2,644 points.

The Shanghai Composite index was down 0.40% at 2,856 points and the Hong Kong Hang Seng index was down 0.42% at 17,102 points. In Mumbai the Sensex index rose 0.14% to 79070 points.

AAA-Ver

(RADIOCOR) 14-08-24 08:55:41 (0180) 5 NNNN