Asian stocks rose october 28 2011

Indonesia stock info - Asian stocks rose october 28 2011 ; Asian stocks rose, poised for their best week in nearly three years, as a long-awaited plan to resolve the European debt crisis encouraged investors to put money back in markets driving up prices of risky assets such as the euro and commodities.

The dollar steadied after nursing heavy losses, having suffered its biggest decline in more than two years against a basket of major currencies, after a European debt deal sparked a massive relief rally.

The deal in Europe calls for private banks and insurers to take 50 percent losses on their Greek debt as well as agreements on recapitalisation of hard-hit European banks and a leveraging of the bloc's rescue fund.

European shares climbed to a 12-week high and those in Wall Street jumped 3 percent, pushing the S&P 500 benchmark over its 200-day moving average for the first time since early-August.

Risk appetite was further supported by data showing the U.S. economy grew at its fastest pace in a year in the third quarter, a welcome respite for a financial system that seemed on the brink of a recession some weeks ago.

The MSCI Asia Pacific ex-Japan index rose 1.4 percent and is up nearly 10 percent so far this week.

Japan's Nikkei was up 1.3 percent despite the yen hitting record highs against the dollar for three days in a row. The dollar index was up 0.2 percent after falling some 1.6 percent, the biggest one-day fall since May 2009.

The People's Bank of China set the yuan's central parity rate against the U.S. dollar at a record high of 6.3290 on Friday, the highest level since the revaluation in 2005.

In commodities markets, crude oil futures were off 0.5 percent after an over 4 percent rally on Thursday. Shanghai copper futures rose 6 percent to its daily limit to 61,010 yuan a tonne.

Spot gold was little changed at $1,749.34 an ounce by 0120 GMT and was poised for its biggest weekly gain since January 2009.

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