Asian shares were trapped in narrow ranges on Monday, with exporters leading Japanese shares lower amid caution over a weak dollar and worries over the U.S. presidential election and key jobs data later in the week. Other Asian stock markets and bonds were steady, while gold gained as the dollar held steady near multi-month lows. Oil prices, which fell about 9 percent last week, rose 49 cents to around $52.25 a barrel amid a looming strike in OPEC member Nigeria and low winter fuel stocks. Tokyo's Nikkei stock average <.N225> had fallen 0.4 percent by midday to 10,728.15, weighed down by a 5 percent drop in Olympus Corp. <7733.T> after it revised down its full-year forecast due to weaker-than-expected digital camera sales. "We are seeing a number of uncertainties now ... the U.S. election, oil prices and the dollar. On top of that, U.S. jobs data is due out this week ... all of these are making investors nervous about trading," said Yasuo Ueki, market analyst at consultancy Poko Financial Office.
Toyota Motor Corp. <7203.T> fell 1 percent ahead of its earnings report due after the market closes. Takefuji Corp. <8564.T>, Japan's biggest consumer finance company, gained 1.3 percent as sources said Goldman Sachs was considering a tender offer for all the company's shares after months of fruitless talks to buy the 58 percent stake owned by the founding family. MSCI's broadest index of Asia Pacific shares outside Japan <.MSCIAPJ> had edged up 0.2 percent by 0220 GMT. Shares rose about 0.3 percent in Australia <.AXJO>, Hong Kong <.HSI> and Singapore <.STI>. South Korean <.KS11> shares were flat, with some exporters hurt on concerns over a surging won. Taiwan's benchmark index <.TWII> slipped 0.3 percent as shares of raw materials firms fell after China's interest rate rise last week, outweighing gains in some technology issues.
DOLLAR AWAITS U.S. ELECTION
The U.S. currency held above a 6-1/2-month low of 105.77 yen hit on Friday. The dollar bought 106.18 yen , versus 105.81 in late New York trade. Some analysts said concerns about intervention by Japan prevented further losses in the dollar, which has fallen about 5 percent in the past 3-Ѕ weeks. Against the euro, the dollar was at $1.2780 , slipping from $1.2790 in late New York trading. Markets will focus this week on the outcome of Tuesday's U.S. presidential election, with investors cautious after al Qaeda leader Osama bin Laden said at the weekend the United States may face more attacks. Heading into the election, national polls show the race is too close to call. The biggest risk for investors is a repeat of the 2000 election, which was not ultimately decided for more than a month because of legal wrangling over voting irregularities in Florida. The Standard & Poor's 500 index <.SPX> fell more than 3 percent during that period. The week's biggest economic indicator is Friday's employment report for October, which is expected to show the addition of about 150,000 non-farm jobs, up from a lower-than-expected 96,000 in September, and an unemployment rate steady at 5.4 percent. Corporate earnings also remain a key factor, with U.S. companies such as industrial conglomerate Tyco International Ltd. , wireless communications company Qualcomm Inc. and media powerhouse Time Warner Inc. due to report. For October, the Dow Jones industrial average <.DJI> ended down 0.5 percent, while the Standard & Poor's 500 index <.SPX> rose 1.4 percent and the tech-heavy Nasdaq <.IXIC> jumped 4.1 percent. Japanese government bonds edged up, with the yield on the benchmark 264th 10-year bond <0#JPTSY=JBTC> down 1.5 basis points at 1.475 percent. Spot gold was at $429.75 an ounce versus $428.15 in the U.S. market on Friday.///www.reuters.com