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Asia stocks hit 3-year high; euro extends gains
Published on 5 Apr. 2011 12:08 AM IST
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SINGAPORE, APR 4 : Asian shares rose to their highest in nearly 3 years after strong jobs growth in the United States was seen as lifting the prospects for the global economy, and the euro hit an 11-month peak against the yen amid widespread expectations of a euro zone rate hike this week.
US crude oil rose near its highest in 2-1/2 years as unrest in the Middle East and fighting in Libya stoked fears of supply disruptions. Gold edged up, supported by crude prices and the stronger euro, while Japanese government bonds inched lower as investors positioned for a European Central Bank interest rate rise on Thursday that will widen the euro zone’s yield advantage.
Japan’s Nikkei rose 0.8 percent, spurred on by gains on Wall Street on Friday, when the S&P 500 rose 0.5 percent following data showing U.S. employment grew solidly for a second month in March.
MSCI’s broadest index of Asia Pacific shares outside Japan rose 0.4 percent and touched its highest level since May 2008, its second near 3-year peak in as many days. The euro traded around 119.85 yen, after breaching the 120 yen level for the first time since last May. The dollar was steady at 84.15 yen, having reached a six-month high around 119.78 on Friday.
US crude oil futures rose 0.6 percent to USD 108.60 a barrel, while Brent crude was also up 0.6 percent at USD 119.42. Gold traded around USD 1,430.35 an ounce.

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