Asia stocks up after tax reform optimism lifts Wall St, dollar buoyant

Asian stocks rose on Friday after optimism over US tax reform plans lifted Wall Street shares to new highs, and the dollar hovered near a seven-week peak as new indicators pointed to solid economic growth.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, poised for a 1.6 per cent gain on the week.

Japan's Nikkei climbed 0.25 per cent after setting a new two-year high, Australian stocks rose 0.8 per cent and South Korea's KOSPI advanced 0.9 per cent.

The S&P 500 posted its sixth straight record high close on Thursday, its longest run since 1997, as investors cheered increased prospects for a tax overhaul with Congress moving closer to agreement on a budget resolution.

We have the very first step where Congress passed the budget details, so you're one step nearer to tax reform," said Heng Koon How, head of markets strategy for United Overseas Bank (UOB) in Singapore.

Data out on Thursday showed the number of Americans filing for unemployment benefits fell more than expected, the trade deficit narrowing, and evidence of strong orders for core capital goods.

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