Asian shares on Friday tracked a jump in U.S. stocks after oil prices dropped below $49 a barrel, easing pressure on the global economy, while the dollar was mired near a record low against the euro ahead of U.S. jobs data. Financial bookmakers in London expected European shares to rebound after the S&P 500 Index rose to its highest close in more than two years and the Dow posted its biggest jump in 13 months. Stocks rose around 1 percent in Japan, South Korea and Taiwan, pushing the MSCI index of Asia Pacific shares <.MSCIAP> up 0.7 percent to its highest level since the end of April. "A drop in oil prices is bringing great relief to the market, while strong gains in U.S. markets are pushing shares up," said Kang Hyun-cheol at LG Investment & Securities in South Korea. U.S. oil slid to a five-week low around $48.47 a barrel as rising stocks eased worries of a winter supply crunch. The drop took oil's losses in the last nine trading days to more than $7 from an all-time high for New York futures at $55.67. The beleaguered dollar kept gold prices steady around $429 an ounce, just 0.9 percent off a 16-year high of $432.95 hit in New York on Thursday. Bonds fell as stocks gained.
A 2.4 percent jump in Sony Corp. <6758.T> helped Japan's Nikkei stock average <.N225> close up 1 percent at 11,061.77. The index is up around 3 percent this year. "The market is now returning to the basics and looking for economic fundamentals in the U.S., bracing for the monthly jobs report due later today," said Toshiro Iida at Mizuho Securities, referring to the mood after the U.S. presidential election. Japan's top trading company, Mitsubishi Corp. <8058.T>, gained 2.7 percent after it reported a record first-half net profit -- up 48 percent from a year earlier on soaring energy and metal prices -- and raised its full-year earnings forecast.
DOLLAR AWAITS DATA
Traders said the dollar, hurt by renewed concern over the strength of the U.S. economy and a gaping trade deficit, would stay under pressure unless the U.S. jobs data beat expectations. "With all the focus on the current account deficit, sentiment is just overwhelmingly against the dollar right now," said Mitsuru Sahara, vice president of UFJ Bank's forex group. The euro bought around $1.2881 , up from $1.2872 in late New York trade and near Thursday's high of $1.2898. It was around 0.4 percent off a record high of $1.2930 marked in February. The dollar fetched 106.10 yen , barely changed on the day and not far from a seven-month low of 105.68 hit on Thursday. Against the Swiss franc, it recovered slightly from an eight-year low of 1.1835 francs to stand around 1.1868 francs . The U.S. jobs data, due at 1330 GMT, is expected to show U.S. non-farm payrolls rose by 169,000 in October, compared with a rise of 96,000 in September. In U.S. equities, the Standard & Poor's 500 Index <.SPX> rose 1.6 percent, the Dow Jones industrial average <.DJI> jumped 1.75 percent and the tech-heavy Nasdaq <.IXIC> rose 0.96 percent.
ASIAN STOCKS RALLY
Wall Street's rally and easing concern over the impact of high energy costs on corporate profits boosted Asian share markets, with airline stocks up across the board. In Japan, electronics maker Sharp Corp. <6753.T> rose 1 percent, car maker Honda Motor <7267.T> gained 2.1 percent and camera maker Canon Inc. <7751.T> climbed 1.9 percent. In South Korea, LG Philips.LCD Co. Ltd. <034220.KS> jumped 4.2 percent on expectations it will report a surge in flat-screen shipments in the fourth quarter, lifting the broader index <.KS11> 1.1 percent. Australian shares <.AXJO> edged up 0.1 percent as News Corp. gained 1.7 percent, but Seven Network fell 2.2 after the broadcaster warned of lower profits. Taiwan's benchmark index <.TWII> gained 1.2 percent, led by a 2.4 percent rise in Hon Hai Precision Industry Co. <2317.T>, the island's top electronics components maker. Shares climbed 0.7 percent in Hong Kong <.HSI> and 0.2 percent in Singapore <.STI>. Among regional stock benchmarks, Australia <.AXJO>, New Zealand <.NZ50>, Indonesia <.JKSE> and Sri Lanka <.CSE> are trading around record highs, while Singapore <.STI> and Philippine <.PSI> shares are hovering near four-year highs. Japanese government bond prices fell, pushing the yield on the benchmark 10-year JGB <0#JPTSY=JBTC> up 2 basis points to 1.525 percent.////