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World stock markets gain ahead of US jobs report
Published in Saudi Press Agency on 05 - 06 - 2009

World stock markets advanced Friday, with resource companies gaining as oil prices broke above $69
and mining giants Rio Tinto and BHP Billiton announced a
partnership. Japan's benchmark rose to an eight-month high.
But many investors tread cautiously ahead of a key U.S.
jobs report that could bring more signs of recovery _ or
weakness _ in the world's largest economy, AP reported.
Investors were comforted by news Thursday that the number
of American workers continuing to receive unemployment
benefits unexpectedly fell for the first time in 20 weeks.
That augured well for the government's monthly tally of
job losses, a critical report on non-farm payrolls due
later Friday that could provide more clues to the health of
the U.S. economy and consumer spending, which is critical
for Asian exporters.
Still, optimism about any nascent recovery is pervasive in
the market, and some analysts say stocks could push higher
even if the figures disappoint _ building on a powerful
rally that has lifted many markets in Asia 30 percent or
more in just the last three months.
«We're still cautious, but more and more people are
turning positive about the economy,» said Linus Yip, a
strategist at First Shanghai Securities in Hong Kong. «I
think that confidence will be hard to shake in the short
term.»
European markets followed Asia higher, with Britain's FTSE
100 rising 1.6 percent, Germany's DAX up 0.6 percent and
France's CAC-40 gaining 1.2 percent.
Earlier in Japan, the Nikkei 225 stock average rose 99.05
points, or 1 percent, to 9,768.01 as shares of automakers
and electronics companies posted strong gains as the yen
weakened against the dollar.
In Hong Kong, the benchmark Hang Seng closed up 1 percent
to 18,679.53 in seesaw trade, while South Korea's Kospi
took back its losses to add 1.2 percent to 1,394.71.
India's stock measure was up 0.5 percent, but Shanghai's
benchmark edged down 0.5 percent. In Australia, the main
index advanced 0.9 percent.
Oil producers like Japan's Inpex and China's Hong
Kong-listed CNOOC, each up nearly 5 percent, outperformed
thanks to surging crude prices.
Mining titans Rio Tinto and BHP each surged more than 8
percent in Sydney.
Rio Tinto said Friday it was scrapping its $19.5 billion
deal with Chinese company Chinalco, choosing instead to
raise $15.2 billion in a share sale and setting up a joint
production venture with rival BHP comprising all of their
iron ore assets in Western Australia state.
Investors reacted positively, surmising the sale would
help Rio pay down its debts as the partnership saves the
two companies billions and gives them greater leverage over
pricing.


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