* Risk appetite intact after upbeat U.S., China data
* Spreadbetters see mixed open for Europe
* Coup in Thailand a mild distraction for region
* Weekend elections in Ukraine, EU eyed
By Shinichi Saoshiro
TOKYO, May 23 (Reuters) - Asian shares edged up to one-year highs on Friday as investors welcomed signs of improving momentum in the world's biggest economies, with Tokyo's Nikkei poised to score its first weekly gain in nearly a month thanks to a weaker yen.
Financial spreadbetters expected a mixed open for Europe, however, due to caution ahead of weekend elections in the Ukraine and European Union. Britain's FTSE was seen opening flat, Germany's DAX up 0.1 percent and France's CAC 0.1 percent lower.
"Despite modest gains in overnight markets, European traders are showing some hesitation ahead of the Ukrainian and European election results," said Jonathan Sudaria, a dealer at London Capital Group.
Asian equities rode the momentum set in motion the previous session by surveys showing China's factory sector had its best performance in five months in May and U.S. factory output growth hitting its fastest pace since February 2011.
Separate data also showed U.S. home resales rose in April and the supply of properties on the market hit its highest level in nearly two years, promising signs for the housing market.
The confluence of positive data from the world's biggest economies soothed investor nerves though uncertainty over China's outlook is likely to keep markets on edge this year.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent at 487.70 after hitting a one-year high of 488.42. Overall activity in regional markets was capped ahead of an extended weekend in the United States where markets will be closed for Memorial day on Monday.
Markets were only mildly distracted by news that Thailand's military had seized power in a bloodless coup late on Thursday, pitching the nation into a further period of uncertainty as the long drawn out political crisis shows no signs of resolution.
"The coup in Thailand was not entirely unexpectedly - risk had already been seen as higher following the imposition of martial law," Credit Agricole said in a note to clients.
Thailand's army chief, General Prayuth Chan-ocha, who declared martial law two days earlier, said the military had to restore order and push through reforms after six months of turmoil
After the coup, the Thai baht weakened to a low of 32.70 per dollar in offshore trading on Thursday but has since recovered slightly to a narrower 32.46-32.59 range on Friday.