Asian stocks opened higher on Friday after advances on Wall Street, helped by news that top central banks will coordinate a plan to ease dollar funding for stricken European banks, reducing the threat of an emerging credit crunch.
The ECB’s announcement reassured markets and boosted investor confidence ahead of Friday’s meeting of euro zone finance ministers, to be joined by U.S. Treasury Secretary Timothy Geithner.
The FTSE CNBC Asia 100 Index [.FTFCNBCA 6007.39 
137.12 (+2.34%)], which measures markets across Asia, gained 0.8 percent.
Japan’s benchmark Nikkei average [.N225 8852.86 184.00 (+2.12%)] opened up 1.34 percent at 8,785.28 on Friday, while the broader Topix gained 1.15 percent to 760.41.
Seoul shares advanced as coordinated efforts by global central banks eased fears about the euro zone debt crisis. The KOSPI [.KS11 1832.94 58.8
Key large-cap stocks rallied, with Samsung Electronics, the largest share on the main KOSPI, gaining 3.8 percent. Banks also posted strong gains, with KB Financial Group up 3.6 percent.
Shares in Korea Electric Power Corp, a state utility, were in focus after electricity shortages caused widespread blackouts across the country on Thursday.
Australia’s S&P/ASX 200 index [.AXJO 4155.10 83.40 (+2.05%)] advanced 1.3 percent, helped by gains in large cap banking counters.
Australia’s top four banks lead the charge, with Westpac up 2.4 percent.
Sundance Resources stocks rose 4.7 percent in early trade after media reports that China’s Hanlong Mining will continue with its A$1.3 billion bid, despite an investigation by the market regulator ASIC into alleged insider trading by Hanlong executives.
Over in Greater China, shares of Europe-focused fashion retailer Esprit Holdings [0330.HK 11.70 
-3.38 (-22.41%)] fell more than 20 percent after the Asia’s No.6 apparel and accessories retailer reported a worse-than-expected drop in full-year profit.
In Southeast Asia, Singapore’s STI [.FTSTI 2802.55 36.60 (+1.32%)] and Malaysia’s KLCI [.KLSE 1430.93 -6.68 (-0.46%)] tracked gains seen around the region.
Flash s&p futures up 0.70 ….