Asian stocks headed higher

opportunities to bet on risky assets after a sharp drop in oil the previous day caused an unwinding of positions.
Crude oil priced edged up after falling about 3 percent overnight, as the market focus shifted to supply concerns in Libya and upcoming US demand.
US stock futures steadily gained in Asia, suggesting the sudden shakeout in bets on equities and higher-yielding currencies may have run its course.
The pullback in commodity prices had made investors cut exposure to risky assets such as emerging market stocks and currencies that have had steep gains recently such as the Australian dollar. The MSCI index of Asia Pacific shares outside Japan was up 0,8 percent in choppy trade, with technology-related shares leading the way higher.
Tokyo’s Nikkei finished up 0,9 percent, with shares of Tokyo Electric surging on heavy volume on a report that its liabilities stemming from Japan’s nuclear crisis may be capped. Other utilities stocks slid since they may have to help foot the bill.
US stock futures rose 0,4 percent after falling for four consecutive sessions, suggesting a higher open on Wall Street. The yen slipped more than 0,6 percent against the dollar and euro as some analysts said its gains this week were because of stretched positioning and may be an opportunity for investors to re-enter or extend their short positions.
“I think the markets at the moment are just pausing to take a bit of profit and assess things in the yen crosses,” said David Forrester, FX strategist at Barclays Capital in Singapore. – Reuters.