Stock markets rise after US boost

Asian stock markets edged up today as rising home prices in the US eased jitters over the robustness of the world’s leading economy.

A report showing that US home prices rose 1.3% in April, indicating an upturn in a sector closely tied to the health of the overall economy, helped send Wall Street higher yesterday.

The increase in April was the first in seven months.

The data was a sorely needed bright spot amid signs that a solution to Europe’s debt crisis is not close at hand.

Hong Kong’s Hang Seng rose 0.7% to 19,110.29. Australia’s S&P/ASX 200 added 0.6% to 4,038.60. But South Korea’s Kospi fell 0.3% to 1,813.08.

Japan’s Nikkei 225 was nearly unchanged at 8,664.20 as traders awaited the start of a summit in Brussels where European Union leaders will try to reach an agreement on dealing with the continent’s chronic debt crisis.

Analysts at Credit Agricole CIB in Hong Kong said in a commentary that they expect markets to be in a holding pattern ahead of the EU summit.

Yesterday, the Dow Jones industrial average rose 0.3 % to close at 12,534.67. The Standard & Poor’s 500 index gained 0.5% to 1,319.99. The Nasdaq composite rose 0.6% to 2,854.06.