US jobs data lift Asian stocks

Markets had been on edge ahead of the figures, which many had seen as a litmus test for the U.S. outlook amid concerns of a double-dip recession.

The Labor Department said Friday that the economy lost 54,000 jobs last month, a better figure than the 120,000 loss expected by economists, although the unemployment rate rose to 9.6 percent, its highest since May.

It also revealed that the private sector created 67,000 jobs, much better than expected.

The upbeat numbers sent Asian shares higher. Tokyo jumped 2.05 percent, or 187.19 points, to 9,301.32, its best single-day gains since the end of July.

Sydney rose 0.76 percent, or 34.3 points, to 4,575.3.

Hong Kong closed 1.83 percent, or 384.27 points, higher at 21,355.77 while Shanghai added 1.54 percent, or 40.86 points, to end at 2,696.25.

The Dow rose 1.24 percent Friday after the release of the figures.

“The U.S. employment data... was better than expected, which is strengthening the view that the (growth) worries were a bit overdone,” Lee Sun-yup, at Shinhan Investment in South Korea, told Dow Jones Newswires.

The jobs data ended a good week for the U.S. economy after an earlier index showed a much better-than-forecast improvement in manufacturing.

Global markets have been sluggish in recent weeks after the U.S. Federal Reserve downgraded its outlook for growth and suggested recovery would take longer than originally thought.

Gold ended at US$1,249.00-US$1,250.00 an ounce in Hong Kong, down from Friday's closing price of US$1,251.60-US$1,252.60.

In other markets:

— Singapore closed 1.07 percent, or 32.02 points, higher at 3,034.58.

Flag carrier Singapore Airlines rose 2.56 percent to SG$16 and Singapore Telecom was 0.32 percent up at SG$3.11.

— Seoul closed 0.70 percent, or 12.40 points, up at 1,792.42.

— Taipei rose 0.78 percent, or 60.74 points, to 7,890.95.

Ruentex Industries was 5.18 percent higher at NT$101.5 while Wintek Corp, a leading touch screen supplier, closed up 7.0 percent at NT$49.2.

— Jakarta rose 1.67 percent, or 52.87 points, to 3,217.14.

— Kuala Lumpur closed flat, edging down 0.99 points to 1,434.68.

Leading bank CIMB added 1.40 percent to 8.0 ringgit, low-cost airline AirAsia gained 1.10 percent to 1.84 and palm oil giant IOI Corp lost 0.60 percent to 5.35.

— Manila rose 0.25 percent, or 9.31 points, to 3,744.01.

Aboitiz Power surged 4.3 percent to 20.65 pesos, Metropolitan Bank added 0.1 percent to 69.00 and Philippine National Bank rose 3.6 to 43.80.

— Wellington ended 1.15 percent, or 35.71 points, higher at 3,143.14.

Construction companies led the gains, with investors buying up stocks that would likely benefit from rebuilding work after a 7.1 magnitude earthquake hit Christchurch on Saturday.

Fletcher Building surged 5.0 percent to NZ$8.14 while steel products maker Steel & Tube added 7.7 percent to NZ$2.37.

But financial services company Tower shed 3.1 percent to NZ$1.85 on expectations insurance claims arising from the quake could cost the company NZ$5 million.

— Bangkok climbed 0.17 percent, or 1.62 points, to close at 931.52.

PTT gained 11.00 baht to 302.00 baht while Banpu lost 4.00 baht to 630.00.

— Mumbai closed 1.86 percent, or 338.62 points, higher at 18,560.05.

The benchmark index closed at its highest level since February 2008.

Tata Steel rose 6.6 percent to 575.6 rupees while the country's largest private lender ICICI Bank was up 3.81 percent at 1,037.7.

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