Australia shares rise 2.2 pct; Rio Tinto, BHP gain

MELBOURNE, April 2 - Australian shares rose 2.2 percent on Thursday, with miners pacing the gains, after U.S. economic data sparked optimism that the global economic downturn may be moderating. The benchmark S&P/ASX 200 index <.AXJO> rose 78.1 points to 3,657.8 by 0026 GMT after three days of losses which have taken 2.5 percent off the index. New Zealand's benchmark NZX 50 index <.NZ50> rose 7.9 points or 0.3 percent to 2,577.2. Data showing U.S. factory activity in March fell at a slower rate than the month before while pending home sales rose more than expected in February offered hope to investors that the bottom may be in sight for the downturn. "While there is no immediate quick fix to the economic plight of the U.S., Europe and Japan ... they are working through these typical bottom of the cycle events to possibly and gradually claw their way back to some growth path in the not too distant future," said Jamie Spiteri, senior dealer at Shaw Stockbroking. Miners paced the gains in Australia, with Rio Tinto Ltd advancing 3.7 percent to A$56.45 and BHP Billiton Ltd climbing 2.1 percent to A$32.78 after the positive U.S. data helped push copper and nickel prices higher.