Reuters - Southeast Asian markets rose on Tuesday, with most recovering from three-month lows, encouraged by upbeat data from the United States and the euro zone ahead of a crucial U.S. Federal Reserve meeting starting later in the day.

U.S. manufacturing output rose for a fourth straight month in November, while surveys showed euro zone businesses ended the year on a high as new orders surged, bolstering investor confidence about the global economy ahead of the Fed meeting. Investors have been nervous about when the Fed will start tapering its $85 billion-a-month bond-buying programme, a major driver of global risk assets in recent years.

A majority of economists polled earlier expected the taper to start in March, but a recent run of upbeat economic data from the United States has steadily shortened the odds on an announcement to this week's two-day meeting concluding on Wednesday, or in January. At 0615 GMT, Indonesia's main index was up 1.2 percent, rising from its previous session's more than three-month low close. Financials led the gains despite the country's rupiah currency hovering near five-year lows against the dollar.

John Teja, a director of Jakarta-based Ciptadana Securities, said the Indonesian market already priced in the bad news. "I think the near-term volatility from Fed tapering uncertainty still remains," he said. The Philippine index gained 1.9 percent and was trading at a one-week high. Malaysia's main index hit an intraday high of 1848.80 at 0636 GMT, while Thailand's SET index rose 0.6 percent, recovering from its lowest close in the previous session since Sept. 5. "Investors seemed to be gradually pricing in the QE tapering," said Bangkok-based strategist Teerada Charnyingyong at broker Phillip Securities.

A buying spree from long-term equity funds and retirement mutual fund buyers in order to get tax benefits also helped the Thai market, she said. "However, political uncertainty would cap the index upside, while slim trading volume reflects a lack of investor confidence to fully jump into the market." Singapore shares were up 0.6 percent, recovering from a more than three-month closing low, but trading was slow as investors were waiting for the Fed meeting.

Vietnam's benchmark VN Index was 0.4 percent firmer by midday as investors picked up some recently battered stocks after the index touched a one-month low on Monday on selling by
an exchange-traded fund.