STOCKS NEWS ASIA-Stocks to rise on hopes of recovery

(For the latest on global markets, click [MKTS/GLOB])
WELLINGTON, June 26 (Reuters) - Asian stocks are likely to rise
on Friday, tracking a positive lead from Wall Street where some
mildly positive data helped restore confidence that the global
economy will begin to recover.

The main Wall St indices all gained 2.1 percent, with home
builders, retailers and energy stocks leading the gains.

Federal Reserve chairman Ben Bernanke emerged unscathed
from a grilling by a Congress committee, further lifting the
mood of the market. [ID:nN25267831]

Data showed U.S. first-quarter growth contracted at an
annual rate of 5.5 percent, slightly less than first thought,
outweighing figures showing number of workers filing new
jobless claims rose last week. [ID:nN25259990] [ID:nN25258460]

British and European stocks closed lower on falls in banks
and commodity stocks.

Japanese shares are set to open strongly, with Nikkei
futures traded in Chicago 2NKc1 about 165 points above the
last closing level in Osaka JNIc1.

Australian markets are also expected to gain, with
September index futures YAPcm1 settling at 3,862, a 6 point
premium to the underlying S&P/ASX 200 index's close on
Thursday, when it gained 1.3 percent.

The U.S. dollar fell as gains in equities reduced
safe-haven demand.

Crude oil prices CLc1 rose above $70 a barrel on renewed
supply concerns from Nigeria and an operational problem at the
largest refinery in the U.S.

HEADLINES: > Bernanke faces fire on BofA-Merrill; stands
ground[nN25267831] > Wall St rallies on Bernanke
relief,consumer shares[nN25295712] > Fitch cuts California GO
debt as crisis weighs [nN25293535] > Accenture earnings fall
but better than expected [nN25282487] > Allen Stanford pleads
not guilty in fraud case [nN25273621] > Oil surges on
Nigeria attack, US refinery problem [nSP191786] > US job
picture dims, overshadows improved GDP data[nN25259990] >
Jobless claims, note auction bolster T-bonds [nN25578610]
> Obama urges U.S. House to pass climate change bill
[nWNA7621] > GM gets final OK for $33.3 bln bankruptcy loan
[nN25275977] > Two weeks after: Iran rallies fade, elite split
[nLP896551]

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KEY INDEXES pct change

Bank of New York Asia ADR index +2.41

Dow Jones Industrial Average .DJI +2.08

Nasdaq Composite Index .IXIC +2.08

MSCI Asia Pacific ex-Japan .MSCIAPJ +1.14

Nikkei futures in Chicago 2NKc1 9,955

Nikkei futures in Osaka JNIc1 9,790

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ASIAN ADR ACTION:

5 most actively traded: pct change

TSMC (TSM.N: Quote, Profile, Research)(2330.TW: Quote, Profile, Research) 0.84

UMC (UMC.N: Quote, Profile, Research)(2303.TW: Quote, Profile, Research) 5.31

Siliconware (SPIL.O: Quote, Profile, Research)(2325.TW: Quote, Profile, Research) -0.63

Infosys Tech (INFY.O: Quote, Profile, Research)(INFY.BO: Quote, Profile, Research) 1.49

BHP Billiton (BHP.N: Quote, Profile, Research)(BHP.AX: Quote, Profile, Research) 3.08

Top 5 performers: pct change

Webzen (WZEN.O: Quote, Profile, Research)(069080.KQ: Quote, Profile, Research) 9.84

Kubota Corp. (KUB.N: Quote, Profile, Research)(6326.T: Quote, Profile, Research) 6.02

Yanzhou Coal (YZC.N: Quote, Profile, Research)(1171.HK: Quote, Profile, Research) 5.84

Alumina (AWC.N: Quote, Profile, Research)(AWC.AX: Quote, Profile, Research) 5.73

Mitsui & Co. (MITSY.O: Quote, Profile, Research)(8031.T: Quote, Profile, Research) 5.61

Bottom 5 performers: pct change

Novogen (NVGN.O: Quote, Profile, Research)(NRT.AX: Quote, Profile, Research) -8.86

Genetic Tech (GENE.O: Quote, Profile, Research)(GTG.AX: Quote, Profile, Research) -4.38

Prana Biotech (PRAN.O: Quote, Profile, Research)(PBT.AX: Quote, Profile, Research) -3.58

Hutchison Tel (HTX.N: Quote, Profile, Research)(2332.HK: Quote, Profile, Research) -1.71

James Hardie (JHX.N: Quote, Profile, Research)(JHX.AX: Quote, Profile, Research) -1.48

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TOP ASIA EVENTS:

For more Asian company earnings, see [ASIA/EQTY]

JAPAN - Consumer Price Index, May

- Nintendo Co Ltd (7974.OS: Quote, Profile, Research) shareholders meeting

- Nikon Corp (7731.T: Quote, Profile, Research) shareholders meeting

HONG KONG - China Coal Energy Co Ltd (1898.HK: Quote, Profile, Research) annual
meeting

- China National Building Material Co Ltd
(3323.HK: Quote, Profile, Research) annual meeting

- Fulbond Holdings Ltd (1044.HK: Quote, Profile, Research) annual meeting

TAIWAN - May leading indicators

- Powerchip (5346.TWO: Quote, Profile, Research) holds shareholders
meeting
(Reporting by Adrian Bathgate)