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Asian shares gain as market awaits U.S. jobs data

Published 03/06/2014, 11:44 PM
Updated 03/06/2014, 11:47 PM
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Investing.com - Asian shares rose on Friday ahead of the U.S. monthly labor report expected to set a tone for global markets.

In China, Sinopec added 2.9% to CNY5.37 and PetroChina rose 2.0% to CNY7.82. The Shanghai Composite index rose 0/02% to 2,059.91.

The Bombay Stock Exchange's 30-stock S&P BSE Sensex hit a new intraday high of 21,710.43 points in the morning trade, surpassing a previous mark of 21,525.14 points. The National Stock Exchange's 50-share Nifty index also reached 6,451.95 points.

Engineering and construction company Larsen and Toubro gained 5.4% to 1,204 rupees, while ICICI Bank--India's biggest nonstate bank by assets--rose 3.2% to 1,169.85 rupees.

Nonfarm payrolls see economists expecting the labor report to show employers added 149,000 jobs to their payrolls in February, compared with 113,000 in January. The unemployment rate is seen steady at 7.0%.

A better-than-expected report on weekly U.S. jobless claims sent U.S. stocks rising on Thursday. At the close of U.S. trading, the Dow Jones Industrial Average rose 0.38%, the S&P 500 index rose 0.17%, while the Nasdaq Composite index fell 0.13%.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits last week fell by 26,000 to 323,000 from the previous week’s revised total of 349,000.

Analysts were expecting jobless claims to fall by 11,000 to 338,000 last week, and the numbers sent stocks largely higher on hopes for a more sustained economic recovery down the road.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.22%, France's CAC 40 rose 0.59%, while Germany's DAX 30 rose 0.01%. Meanwhile, in the U.K. the FTSE 100 rose 0.19%.

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