SYDNEY (XFN-ASIA) - Share prices are expected to open higher following the stronger US jobs report released on Friday and firmer base metal prices, dealers said.
US nonfarm payrolls for November jumped to 132,000 which was above market expectations of a 110,000 rise, while there was a net upward revision of 42,000 to the previous two months' data.
The S&P/ASX 200 December futures contract ended its overnight session up 25.0 points at 5,444.0, suggesting a positive start to trading.
On Friday, share prices closed down as investors sold resource stocks after base metal prices dropped on Thursday and led the wider market into negative territory.
The S&P/ASX 200 lost 39.4 points or 0.72 pct to close at 5,425.8 while the All Ordinaries Index shed 35.2 points to end at 5,415.4.
In New York on Friday, the Dow Jones Industrial Average ended up 29.08 points or 0.24 pct at 12,307.49.
News Corp closed up 0.89 pct but National Australia Bank's American Depositary Receipts lost 1.09 pct.
In London, share prices closed higher as leading shares rose on the November US jobs data which helped ease inflation concerns in the world's largest economy, while Barclays climbed on the back of takeover speculation. The FTSE 100 closed up 20.9 points at 6,152.4.
However, BHP Billiton dropped 2.78 pct while Rio Tinto shed 1.85 pct.
Oil prices fell on Friday as investors concluded that market supplies would still be ample if OPEC members cut production quotas this coming Thursday.
Light, sweet crude for January delivery on the New York Mercantile Exchange fell 46 cents to settle at 62.03 usd a barrel.
Base metal prices were mostly firmer in London trade on Friday following the US employment data as metal traders concluded that global economic growth would be firmer than previously thought.
Gold dropped to a two-week low on Friday as a stronger US dollar caused precious metal investors to trim positions at the end of the week. Gold for February delivery fell 6.00 usd to close at 631 usd an ounce on the New York Mercantile Exchange.
Ahead in Australia, no economic data is due until tomorrow when a business survey is due for release, as well as a speech by Reserve Bank of Australia governor Glenn Stevens later in the evening.
(1 usd = 1.27 aud)
paul.daniel@xfn.com
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