Asian stock markets rose Friday amid hopes a key U.S. jobs report would show the world's largest economy was on track toward a sustainable rebound.
Every major market was higher as the region bounced back from declines the day before. Oil prices extended gains above $80 a barrel, while the dollar strengthened against the yen and the euro.
Investors were awaiting the U.S. government's February jobs figures - the monthly employment snapshot that is among the market's most important reports- for clues to whether the recovery under way in the world's largest economy is sustainable.
Thursday brought cause for optimism the monthly report wouldn't disappoint. The number of people filing jobless claims for the first time fell last week and major retailers posted February sales numbers that topped expectations - suggesting hard-hit Americans whose spending is critical for Asian export companies were healing financially.
In Asia, speculation that Japan was mulling extra measures to shore up its recovery added to the upbeat mood. A top paper reported the Bank of Japan might easy monetary policies to keep money flowing through economy.
In Japan, the Nikkei 225 stock average jumped 223.24 points, or 2.2 percent, to 10,368.96.
Hong Kong's market rose 0.9 percent to 20,754.30 and Shanghai's market gained 0.7 percent to 3,043.25 as investors focused on Chinese Premier Wen Jiabao's annual policy address.
Wen said Beijing would more than halve the annual increase in spending, to 11.4 percent, as the country winds down measures that insulated the economy from last year's global slowing. He set an economic growth target of 8 percent for 2010.
Elsewhere, South Korea's Kospi was up 0.9 percent at 1,632.69. Markets in India, Taiwan and Singapore gained, as well.
Friday's U.S. jobs report is likely to show unemployment continued to rise, to 9.8 percent in February from 9.7 percent from the month before, as employers cut 50,000 jobs. But economists say there could be a silver lining if, as expected, both average hourly earnings and average hours worked climbed last month. Such increases often precede more hiring.
In currencies, the dollar rose to 89.27 yen from 89.13 yen. The euro fell to $1.3573 from $1.3580.
Oil prices rose in Asia with benchmark crude for April delivery up 54 cents at $80.757.
In the U.S. Thursday, the Dow rose 47.38, or 0.5 percent, to 10,444.14, its highest close since Jan. 20. The Dow is now up 16 points, or 0.2 percent, for 2010.
The Standard & Poor's 500 index rose 4.18, or 0.4 percent, to 1,122.97. It is up 0.7 percent for the year.
source: thejakartapost
Every major market was higher as the region bounced back from declines the day before. Oil prices extended gains above $80 a barrel, while the dollar strengthened against the yen and the euro.
Thursday brought cause for optimism the monthly report wouldn't disappoint. The number of people filing jobless claims for the first time fell last week and major retailers posted February sales numbers that topped expectations - suggesting hard-hit Americans whose spending is critical for Asian export companies were healing financially.
In Asia, speculation that Japan was mulling extra measures to shore up its recovery added to the upbeat mood. A top paper reported the Bank of Japan might easy monetary policies to keep money flowing through economy.
In Japan, the Nikkei 225 stock average jumped 223.24 points, or 2.2 percent, to 10,368.96.
Hong Kong's market rose 0.9 percent to 20,754.30 and Shanghai's market gained 0.7 percent to 3,043.25 as investors focused on Chinese Premier Wen Jiabao's annual policy address.
Wen said Beijing would more than halve the annual increase in spending, to 11.4 percent, as the country winds down measures that insulated the economy from last year's global slowing. He set an economic growth target of 8 percent for 2010.
Elsewhere, South Korea's Kospi was up 0.9 percent at 1,632.69. Markets in India, Taiwan and Singapore gained, as well.
Friday's U.S. jobs report is likely to show unemployment continued to rise, to 9.8 percent in February from 9.7 percent from the month before, as employers cut 50,000 jobs. But economists say there could be a silver lining if, as expected, both average hourly earnings and average hours worked climbed last month. Such increases often precede more hiring.
In currencies, the dollar rose to 89.27 yen from 89.13 yen. The euro fell to $1.3573 from $1.3580.
Oil prices rose in Asia with benchmark crude for April delivery up 54 cents at $80.757.
In the U.S. Thursday, the Dow rose 47.38, or 0.5 percent, to 10,444.14, its highest close since Jan. 20. The Dow is now up 16 points, or 0.2 percent, for 2010.
The Standard & Poor's 500 index rose 4.18, or 0.4 percent, to 1,122.97. It is up 0.7 percent for the year.
source: thejakartapost
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