Asian stocks rose to their highest in a month Thursday as a rally in gold and oil lifted resource shares, while a surprisingly optimistic indicator for U.S. jobs raised hopes of a milder U.S. economy recession than previously feared.
The U.S. private sector added 8,000 jobs in March, according to a report on Wednesday by ADP Employer Services, confounding economist expectations and taking some of the sting off the Federal Reserve Chairman Ben Bernanke's warning that the U.S. economy may slip into recession, his first such concession.
Tokyo's Nikkei 225 Average moved higher, with casual clothing firm Fast Retailing, whose weighting makes it the second-biggest contributor to the Nikkei, climbing 2 percent on strong sales. But the market spent most of the morning in negative territory as investors locked in profits after a rally. Toshiba jumped over 5 percent after the Nikkei business daily reported it has won contracts to build four nuclear power plants in the United States worth about 1.4 trillion yen (US$13.7 billion).
Seoul stocks touched an 11-week intraday high, boosted by techs, while POSCO jumped as it said it was considering raising steel prices and bidding for a shipbuilder. The world's fourth-largest steelmaker jumped over 3 percent, while others in the sector advanced on the prospect of higher prices. Technology titles such as LG Electronics and LG Display rose after meeting strong demand as investors rerated their view of earnings prospects.
Australian shares rose 1.6 percent to a five-week high, lifted by gains in heavyweight resource firms such as BHP Billiton and Woodside Petroleum on stronger oil and metal prices. But most financial firms slipped as investors, sceptical that markets have seen the worst of the credit crisis, booked profits following hefty gains posted in the previous session. Macquarie Group, Australia's top investment bank, eased after jumping almost 10 percent to a five-week closing high on Wednesday.
Hong Kong stocks rose over 1 percent, a day after hitting a one-month high. Sun Hung Kai Properties advanced over 3 percent. This was despite worries about the U.S. economy after Fed Chairman Ben Bernanke said a recession was possible.
Singapore's Straits Times Index was up almost 1 percent, but Noble Group shares fell over 6 percent after the firm said it has placed new shares to raise cash. The commodities trader has placed 100 million new shares with institutional investors to raise S$209 million (US$152 million).
China's Shanghai Composite Index was also almost 1 percent higher, with bargain hunting lifting the market out of negative territory.
The U.S. private sector added 8,000 jobs in March, according to a report on Wednesday by ADP Employer Services, confounding economist expectations and taking some of the sting off the Federal Reserve Chairman Ben Bernanke's warning that the U.S. economy may slip into recession, his first such concession.
Tokyo's Nikkei 225 Average moved higher, with casual clothing firm Fast Retailing, whose weighting makes it the second-biggest contributor to the Nikkei, climbing 2 percent on strong sales. But the market spent most of the morning in negative territory as investors locked in profits after a rally. Toshiba jumped over 5 percent after the Nikkei business daily reported it has won contracts to build four nuclear power plants in the United States worth about 1.4 trillion yen (US$13.7 billion).
Seoul stocks touched an 11-week intraday high, boosted by techs, while POSCO jumped as it said it was considering raising steel prices and bidding for a shipbuilder. The world's fourth-largest steelmaker jumped over 3 percent, while others in the sector advanced on the prospect of higher prices. Technology titles such as LG Electronics and LG Display rose after meeting strong demand as investors rerated their view of earnings prospects.
Australian shares rose 1.6 percent to a five-week high, lifted by gains in heavyweight resource firms such as BHP Billiton and Woodside Petroleum on stronger oil and metal prices. But most financial firms slipped as investors, sceptical that markets have seen the worst of the credit crisis, booked profits following hefty gains posted in the previous session. Macquarie Group, Australia's top investment bank, eased after jumping almost 10 percent to a five-week closing high on Wednesday.
Hong Kong stocks rose over 1 percent, a day after hitting a one-month high. Sun Hung Kai Properties advanced over 3 percent. This was despite worries about the U.S. economy after Fed Chairman Ben Bernanke said a recession was possible.
Singapore's Straits Times Index was up almost 1 percent, but Noble Group shares fell over 6 percent after the firm said it has placed new shares to raise cash. The commodities trader has placed 100 million new shares with institutional investors to raise S$209 million (US$152 million).
China's Shanghai Composite Index was also almost 1 percent higher, with bargain hunting lifting the market out of negative territory.
Source: CNBC
