WELLINGTON, Dec 6 (Reuters) - Asian stocks are set for a
tepid start on Monday, as confidence that the economic recovery
is gaining momentum was dented by poor U.S. jobs data.
Despite the monthly rise in payrolls being well below forecast in November, the main Wall Street indices eked out modest gains of up to 0.5 percent on Friday. For details see,
Analysts said the belief that the recovery is now sustainable has given the market the ability to look through setbacks such as the weak jobs data, which saw the unemployment rate increase to 9.8 percent.
Reports that Federal Reserve Chairman Ben Bernanke is not ruling out expanding the central bank's asset-buyback programme provided a late boost to U.S. markets.
Asian stocks listed on Wall Street rose 0.63 percent.
The U.S. dollar fell across the board on the data and Bernanke comments, sending gold and oil prices higher.
British shares ended the week down 0.4 percent while European stocks dipped 0.2 percent, as the U.S. data unnerved investors.
Japanese markets make are seen opening a touch lower, with Nikkei futures traded in Chicago 15 points below the last closing level in Osaka. The market at one stage on Friday hit a technical level pointing to the market being overbought.
Analysts have suggested that investors may also be cautious because of this week's special quotation, the closely watched settlement price, which is calculated from the opening prices of the 225 shares on the Nikkei average on the second Friday of the month.
Australian stocks are also seen making a positive start, helped by stronger base metal prices. Share price index futures rose 0.1 percent to 4,715, a 20.8 point premium to the close of the underlying S&P/ASX 200 index.
HEADLINES: > U.S. jobless rate jump casts cloud on recovery > Euro zone pulls ahead, China shifts stance > ECB bond buying eases euro zone market stress > Disparities abound in global economic data > China declares shift to 'prudent' monetary policy > Aid needs for Portugal could reach 60 bln euros > Canada unemployment rate falls but job gains tepid > Stocks stall, dollar falls on jobs data > Spain speeds up pension reform, hikes tobacco tax > Brazil raises reserve requirements to avert bubble > U.S. deficit-cutting plan stumbles in uphill climb > Oil hits 25-month high on cold spell, weaker dolla
KEY INDEXES pct change
Bank of New York Asia ADR index +0.63
Dow Jones Industrial Average +0.17
Nasdaq Composite Index +0.47
Nikkei futures in Chicago 10,175
Nikkei futures in Osaka 10,190
TOP ASIA EVENTS:
For more Asian company earnings, see ASIA/EQTY
JAPAN - Otsuka Holdings to announce its IPO pricing
- Mazda Motor Corp CEO Takashi Yamanouchi
speech
HONG KONG - Novo Group Ltd trading debut
(Reporting by Adrian Bathgate)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Despite the monthly rise in payrolls being well below forecast in November, the main Wall Street indices eked out modest gains of up to 0.5 percent on Friday. For details see,
Analysts said the belief that the recovery is now sustainable has given the market the ability to look through setbacks such as the weak jobs data, which saw the unemployment rate increase to 9.8 percent.
Reports that Federal Reserve Chairman Ben Bernanke is not ruling out expanding the central bank's asset-buyback programme provided a late boost to U.S. markets.
Asian stocks listed on Wall Street rose 0.63 percent.
The U.S. dollar fell across the board on the data and Bernanke comments, sending gold and oil prices higher.
British shares ended the week down 0.4 percent while European stocks dipped 0.2 percent, as the U.S. data unnerved investors.
Japanese markets make are seen opening a touch lower, with Nikkei futures traded in Chicago 15 points below the last closing level in Osaka. The market at one stage on Friday hit a technical level pointing to the market being overbought.
Analysts have suggested that investors may also be cautious because of this week's special quotation, the closely watched settlement price, which is calculated from the opening prices of the 225 shares on the Nikkei average on the second Friday of the month.
Australian stocks are also seen making a positive start, helped by stronger base metal prices. Share price index futures rose 0.1 percent to 4,715, a 20.8 point premium to the close of the underlying S&P/ASX 200 index.
HEADLINES: > U.S. jobless rate jump casts cloud on recovery > Euro zone pulls ahead, China shifts stance > ECB bond buying eases euro zone market stress > Disparities abound in global economic data > China declares shift to 'prudent' monetary policy > Aid needs for Portugal could reach 60 bln euros > Canada unemployment rate falls but job gains tepid > Stocks stall, dollar falls on jobs data > Spain speeds up pension reform, hikes tobacco tax > Brazil raises reserve requirements to avert bubble > U.S. deficit-cutting plan stumbles in uphill climb > Oil hits 25-month high on cold spell, weaker dolla
KEY INDEXES pct change
Bank of New York Asia ADR index +0.63
Dow Jones Industrial Average +0.17
Nasdaq Composite Index +0.47
Nikkei futures in Chicago 10,175
Nikkei futures in Osaka 10,190
TOP ASIA EVENTS:
For more Asian company earnings, see ASIA/EQTY
JAPAN - Otsuka Holdings to announce its IPO pricing
- Mazda Motor Corp CEO Takashi Yamanouchi
speech
HONG KONG - Novo Group Ltd trading debut
(Reporting by Adrian Bathgate)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.