Asian markets rise on Syria relief Wednesday 03:55 BST. Asian markets rose across much of the region and oil prices retreated as fears of an imminent US strike on Syria receded after the US said it would pursue a diplomatic initiative with Russia to disarm Damascus. In a speech just before Asian markets opened, US president Barack Obama said the US would work with Russia at the UN to force the regime in Damascus to give up its chemical weapons, and asked for the delay of a Congressional vote to authorise a military strike against Syria. In Japan, the Nikkei 225 was up 0.6 per cent while the Topix added 0.4 per cent. Nymex WTI crude fell 1.9 per cent. Most markets in greater China headed higher, on the heels of Tuesday's data showing stronger than expected industrial production and retail sales growth. The CSI 300 tracking Shanghai and Shenzhen stocks was up 0.7 per cent, with the Shanghai Composite up 0.4 per cent. But in Hong Kong the Hang Seng edged down 0.2 per cent. "With a number of other emerging markets mired in turmoil as the US Fed prepares to taper its [quantitative easing] programme, we believe China stands out as a relatively safer haven with its resilient growth, stable currency and strong balance of payments," said analysts at Bank of America Merrill Lynch. Australia's S&P/ASX 200 was up 0.3 per cent despite data this week showing slower than expected jobs growth in August, which reinforced concerns the nation is struggling to rebalance away from its past mining-led growth. However, analysts at Nomura pointed out that three-fourths of jobs lost were in manufacturing and government, suggesting the weakness did not extend across the entire economy. Apple-related stocks took a tumble after the US company unveiled two new iPhones. The price of the cheaper iPhone 5C was higher than expected, sparking fears that it may not catch on in key emerging markets, particularly China. Circuit board company Career Tech fell 2.5 per cent in Taiwan, with casings maker Casetek down 2.3 per cent. Also in Taiwan, key Apple assembler Hon Hai fell 2.2 per cent while Pegatron, an assembler doing much of the work on Apple's new and cheaper phone, fell 6.1 per cent. Earlier, broad-based risk appetite helped the S&P 500 climb 0.7 per cent as US investors also snapped up shares in Goldman Sachs, Nike and Visa as plans to add the trio to the Dow Jones Industrial Average were announced. "Whatever happens, it remains our view that this [Syrian] issue will be concluded in a way that's relatively benign for the financial markets," said Steven Barrow of Standard Bank. It is also our view that any Fed tapering next week will not bring the market upset that many traders and investors seem to fear. "Put these things together and we continue to have a reasonably constructive view of riskier assets right now," he added. Additional reporting by Arash Massoudi in New York