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 Japan's Nikkei share average opened up 0.5 percent. MSCI's broadest
index of Asia-Pacific shares outside Japan was almost flat in early
trade, but not far from a six-month high hit earlier this month.
Asian shares took their cue from the S&P 500 index, which rose for a
fifth straight day on Monday to mark its longest winning streak
since October.
"U.S. markets were optimistic yesterday on a solid gain in U.S.
leading indicators and signs that earnings are improving," Barclays
analysts said in a note to clients.
All of Monday's U.S. corporate results showed upside earnings
surprises, they added, boding well for a series of earnings reports
this week.
While tensions over the situation in Ukraine appeared to be playing
less of a role in markets for now, some investors think markets will
remain vulnerable to more shocks.
"I don't think this will lead to a military conflict. Nonetheless,
towards the presidential election in Ukraine (planned for May 25),
more tensions are likely and there will be phases where share prices
will be hit," said Soichiro Monji, chief strategist at Daiwa SB
Investments in Tokyo.
Following a gunfight that killed at least three on Sunday,
Washington and Moscow each continued to put the onus on the other to
ensure tensions are eased.
Washington threatened to impose additional sanctions against Russia
"in days" if Russia does not implement an agreement struck last
week.
Oil prices, in fact, were supported by worries over Ukraine. U.S.
crude futures stood at $104.29 per barrel, near a six-week high of
$104.99 hit on Thursday.
In the currency market, the yen stood near a two-week low against
the dollar, smarting from Japanese trade data on Monday showing soft
exports in March and a record trade deficit in the fiscal year that
ended in that month.
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The dollar fetched 102.65 yen, near Monday's peak of 102.71 yen,
which was its highest level since April 8.
The euro traded at $1.3793, also near its lowest level in almost two
weeks, after European Central Bank officials expressed concern that
a strengthening currency could damage the euro zone's nascent
recovery.
The offshore yuan stood at 6.2290 to the dollar, after hitting a
14-month low of 6.2325 on Monday on worries over a slowing Chinese
economy and following Beijing's clamp-down on one-direction bets on
the yuan's gains since February.
Elsewhere, gold prices fell to a nearly three-week low on sharp
outflows from SPDR Gold Trust, the world's biggest bullion-backed
exchange-traded fund.
(Editing by Chris Gallagher)
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