Global Markets: Asian shares advance after US jobs, ISM
Asian shares advanced on Monday, drawing momentum from U.S. data showing some promise of a credible recovery, supported by Federal Reserve's easing plans and solid manufacturing data from Europe and China.
The yen took a break from heavy selling against the U.S. dollar and the euro, but fell to its lowest since August 2008 against the Australian and New Zealand dollars early on Monday on confidence of bold monetary support from the Bank of Japan to overcome the country's stubborn deflation.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent after posting a weekly gain of 0.7 percent.
"Asian shares are likely to take the cues from the rise in U.S. equities and prices of risk assets are generally expected to face upward pressures," said Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory.
The Dow Jones industrial average rose to 14,000 for the first time since October 2007 and the Standard & Poor's 500 Index hit its highest point since December of that year.
U.S. data showed on Friday payrolls rose by 157,000 last month, with upward revisions for November and December, while the Institute for Supply Management said its index of national factory activity rose to its highest since April.
China followed with positive news over the weekend, saying growth in its official purchasing managers' index (PMI) for the non-manufacturing sector ticked up in January for the fourth straight monthly rise, confirming the world's second-largest economy was showing a modest recovery.
Resources-reliant Australian shares steadied after jumping 0.9
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