RTRS: Asian shares, oil gain; focus on U.S. jobs data
Asian shares, oil and higher-yielding currencies rose on Friday as positive signals from the latest U.S. weekly job data sparked tentative optimism ahead of the crucial monthly employment report.
A surge in oil prices to seven-month highs bolstered resource stocks, while Sydney-listed shares of Rio Tinto (RIO.L) and BHP Billiton (BLT.L) surged after they announced an agreement to combine their Australian iron ore mines and Rio announced a $15.2 billion rights issue.
European shares were set to gain, led by resource stocks, though sterling remained under pressure following the resignation of a third senior cabinet minister.
U.S. nonfarm payrolls data due later in the day is expected to show employers cut 520,000 jobs in May, lower than 539,000 in April, and the unemployment rate is forecast to rise to 9.2 percent from 8.9 percent in April.
A much worse-than-expected report could dampen expectations that the worst is over for the global economy, which have sent stock markets from Seoul to London surging since early March.
It could also serve as a reminder of the bearish evidence that has been downplayed so far, such as evidence that American consumers, the lynchpin of global exports, are cutting spending.
"If the numbers are better than expected investors will get confirmation that the economy's really improving but there's worry about what will happen if the figures are worse than consensus," said Yumi Nishimura, a deputy general manager of the investment advisory section at Daiwa Securities SMBC.
The MSCI index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS rose 0.8 percent as of 0150 GMT, rebounding from a 1.9 percent fall on Thursday. The index looked set for a rise of close to 3 percent on the week, which would take its gains to around 63 percent from lows hit in early March.
Resource shares gained after oil prices surged on hopes that the global recession had bottomed out. Japanese oil and gas field developer Inpex (1605.T) rose 4.4 percent.
Jumps in Australian-listed shares of BHP Billiton (BHP.AX) and Rio Tinto (RIO.AX) helped push up Australia's main index .AXJO nearly 1 percent.
The deal effectively scuppered a $19.5 billion bid by China's Chinalco ALUMI.UL to secure a stake in debt-laden Rio.
Japan's Nikkei average .N225 rose 0.8 percent, while markets in Seoul gained 1 percent.
Elsewhere, indexes in Shanghai .SSEC and Singapore .FTSTI posted modest gains, though shares in Taiwan and Hong Kong .HSI fell.
Gains in Asian shares were also underpinned by data on Thursday showing fewer U.S. workers filed new claims for jobless benefits for a third straight week last week and productivity rose faster than expected in the first quarter.
