Asian shares gain on US jobs data

Asian shares rose on Monday as surprisingly robust US jobs data bolstered investors’ risk appetite, but the euro sagged on worries over a lack of progress in Greek debt restructuring talks which are vital to containing the euro zone crisis.

Financial spreadbetters expected Britain’s FTSE 100, Germany’s DAX and France’s CAC-40 to open about 0.2-0.5 per cent lower. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent after climbing as much as 0.7 per cent earlier to its highest in more than five months. The index recorded a fifth successive weekly gain last week.

Japan’s Nikkei average rose to a three-month high just shy of 9,000 and was last up one per cent around 8,922.

Global economies showed further evidence of resilience last month, US jobs rose far beyond expectations, while the US services sector activity sped to its highest in nearly a year and the euro zone’s private sector economy grew in January for the first time since August.

But Greece remained a drag, as a number of major conditions demanded by the troika, representing Greece’s European Union, the European Central Bank and IMF lenders, were still unmet. Athens must tell the EU on Monday whether they accept the stern terms of a new bailout deal. Without the deal, Athens would head for a disorderly default.

Euro, copper fall
The euro fell 0.5 per cent to $1.3086 and the dollar index against a basket of key currencies gained 0.4 per cent to 79.257.

After five weeks of selling, investors had cut their euro short positions, the latest figures dated January 31 showed, but the market was still significantly short on the single currency. London copper fell 0.3 per cent to $8,537 a tonne and Brent crude futures eased 0.1 per cent to $114.50 a barrel. Spot gold rose 0.5 per cent to $1,734 an ounce.