Asian shares to firm after US jobs report

Published: 2009/09/07

ASIAN stocks are likely to follow Wall Street higher today after a better-than-expected U.S. jobs report at the end of last week bolstered sentiment about an economic recovery.

The main U.S. share indices gained as much as 1.8 per cent, with technology shares leading the way, after the payrolls report showed a less-than-expected 216,000 jobs lost in August, although the jobless rate hit a 26-year high.

British and European shares also closed higher, breaking losing streaks.

Japanese shares are set to strengthen with Nikkei futures traded in Chicago 145 points above the last closing level in Osaka.

Australian stocks are seen rising, with September stock index futures up 0.9 per cent and at a 29.5 point premium to the underlying S&P/ASX 200 index’s close on Friday.

However, trading through the Asian region may be dimmed by a market holiday in the U.S. today.

The U.S. dollar gained against the yen and euro on the employment report, adding to the signs of economic recovery and diminishing the attraction of safe haven assets.

Oil prices were little changed, with the mixed jobs report, offering little insight into future demand. - Reuters