Asian markets mostly rose on Friday, aided by a European Central Bank interest rate cut aimed at stimulating growth in the sluggish eurozone and a positive US jobless claims report. Seoul closed 0.43 percent, or 8.50 points, higher at 1,965.71, Shanghai ended up 1.44 percent, or 31.38 points, at 2,205.50 and Hong Kong rose 0.10 percent, or 21.66 points, to 22,689.96. Sydney ended flat at 5,129.5, having lost 0.5 points, while Tokyo was closed for a public holiday.

BRUSSELS - Europe will take longer to recover from its economic crisis as it tackles a worse-than-expected recession in the eurozone and unemployment at record levels, the European Union warned Friday. In its spring economic forecast, the EU said that gross domestic product in the 17 member countries that use the euro will shrink by 0.4 per cent this year, better than the 0.6 per cent contraction in 2012 but 0.1 percentage points worse than the EU had forecast back in February.

US stocks rallied Thursday after an expected European Central Bank interest rate cut and a strong report on US jobless claims. Five minutes into trade, the Dow Jones Industrial Average gained 46.73 (0.32 percent) to 14,747.68. The broad-based S&P 500 added 5.33 (0.34 percent) to 1,588.03, while the tech-rich Nasdaq Composite Index jumped 12.59 (0.38 percent) to 2,884.14. The gains came as new claims for US unemployment benefits -- an indicator of the pace of layoffs -- fell by 18,000 to 324,000, the lowest level since mid-January 2008.

BANGKOK - Asian stock markets rose Friday, finding renewed strength from a fall in U.S. jobless benefit claims and an interest rate cut by the European Central Bank intended to boost the region's ebbing economy. Investors jittery over the state of the U.S. economy took heart from a U.S. Labor Department report that said applications for unemployment benefits fell last week to the lowest level in more than four years. That calmed fears that intensified Wednesday following the release of reports showing lacklustre hiring and factory output.