HONG KONG: Asian stocks were mixed on Thursday after the Federal Reserve raised its growth forecast for the US economy, while rising tensions in the Middle East sent oil even higher.
Strong earnings reports provided support as markets grow more optimistic about the global outlook.
Tokyo rose 0.26 percent, or 28.35 points, to 10,836.64 and Sydney added 0.17 percent, or 8.2 points, to end at 4,938.4.
However, Hong Kong was flat by the break and Shanghai fell 0.10 percent after the municipal government in Beijing imposed fresh restrictions on home-buyers in the latest attempt to rein in soaring house prices.
Stocks were given a strong cue by Wall Street, where the Dow closed on Wednesday 0.50 percent higher after the Fed upgraded its estimate for the world's biggest economy.
The Fed predicted gross domestic product would rise 3.4-3.9 percent this year, versus the 3.0-3.6 percent predicted last November.
The bank's top policy panel made its prediction after deciding the recovery is now on a firmer footing, with consumers and businesses spending more, despite still-high unemployment, which it said would sit around 8.8-9.0 percent.
Corporate results also gave dealers reason for optimism.
In Sydney Qantas soared 5.44 percent after the carrier posted a four-fold increase in half-year net profits to Aus$241 million ($240.6 million), despite recent safety scares with its flagship A380 superjumbos.
"This result was achieved while overcoming significant operational challenges during the period including disruptions to the A380 network from November," the airline said.
The result followed miner BHP Billiton's announcement Wednesday of a 72 percent surge in half-year net profit.
Tech stocks were given a lift after computer giant Dell reported in the United States that its fiscal fourth-quarter earnings nearly tripled on strong demand from corporate customers -- an indicator of economic revival.
However, crude prices jumped due to supply fears caused by increased tensions in the Middle East after Israel said Iran was sending two warships into the eastern Mediterranean, compounding worries about unrest in the region.
The Israeli announcement came as violence erupted in Bahrain, with reports of two killed as security forces attacked demonstrators in Manama. There were also demonstrations in Libya and Iran.
On oil markets, Brent North Sea crude for April delivery was up 52 cents at $104.30 and New York's main contract, light sweet crude for delivery in March, rose 27 cents to $85.26 per barrel.
"Geopolitical tensions in the Middle East are keeping oil prices up," Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore, told AFP.
"This is all due really to the news that Iran is going to send ships to the Suez Canal, and also other news about people protesting in other countries besides Egypt."
The dollar traded at 83.57 yen in Tokyo compared to 83.67 in New York late Wednesday.
The euro rose to $1.3596 from 1.3570. The common currency firmed to 113.62 yen from 113.50.
Gold opened at $1,376.00-$1,377.00 an ounce in Hong Kong, up from Wednesday's close of $1,375.50-$1,376.50.
Seoul closed 0.60 percent, or 11.89 points, down at 1,977.22.
Taipei fell 0.33 percent, or 29.08 points, to 8,683.88.
Leading design house MediaTek lost 2.59 percent to Tw$339.0 while Taiwan Semiconductor Manufacturing Co was 0.55 percent higher at Tw$72.5.
Manila rose 1.43 percent, or 54.34 points, to 3,866.38.
Alliance Global Group was up 1.9 percent at 11.84 pesos and Metropolitan Bank & Trust gained 1.9 percent to 60.15 pesos, while Aboitiz Equity added 1.8 percent to 39 pesos.
Wellington closed up 0.33 percent, or 11.22 points, at 3,395.70.
Fletcher Building rose from 1.3 percent to NZ$8.34 and Telecom ended flat at NZ$2.23, while New Zealand Refining Co. fell 2.0 percent to NZ$5.00.
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