Asian stocks mostly higher ahead of US jobs data

Tokyo closed up 0.57 percent, adding 51.29 points to 9,114.13 while Sydney gained 0.19 percent, or 8.5 points, to end at 4,541.2.

Hong Kong rose 0.49 percent, or 102.58 points, to 20,971.50 and Shanghai ended flat, edging down 0.39 points to 2,655.39.

Investors were following a 0.49 percent gain on the Dow after the Labor Department said the number of Americans filing new claims for jobless benefits fell faster than expected last week, extending a two-week decline.

Claims for the week to Aug. 28 fell to 472,000 from the previous week's revised figure of 478,000, beating most economists' expectations of 475,000 new claims.

The news came as the National Association of Realtors reported pending home sales rose 5.2 percent in July, promising a much-needed boost to the housing market. Another report showed orders to U.S. factories rose 0.1 percent in July, the first increase after two months of declines.

Those figures followed Wednesday's announcement that a key U.S. manufacturing index had risen more than expected.

“It's been a strong week, ahead of U.S. payrolls data and the US long weekend,” IG Markets strategist Ben Potter told Dow Jones Newswires in Sydney.

“I think people are too pessimistic and evidence is pointing toward a soft patch in the US recovery, rather than a double dip.”

However, caution permeated trade as dealers awaited the release later Friday of US non-farm payroll figures — combining government and private jobs — which are expected to show unemployment rising.

The yen continued to cap Tokyo's gains, however.

The dollar, which hit a 15-year low against the yen last week, fetched 84.31 yen in Tokyo morning trade, unchanged from New York late Thursday.

The euro edged down to US$1.2811 from US$1.2821 after firming overnight on the European Central Bank's decision to hike the region's growth and inflation forecasts for 2010 and 2011. The euro was flat at 108.07 yen.

1|2|Next Page>>

SharePrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email