Asian stocks rose despite weaker-than-expected jobs report from the U.S. and rising geopolitical tensions surrounding North Korea.
U.S. stocks closed lower on Friday after payrolls rose at a slower-than-expected pace in March, while the jobless rate unexpectedly sank to the lowest in almost a decade.
The U.S. moved an aircraft carrier to waters off the Korean Peninsula amid rising concerns over Pyongyang's nuclear weapons. However, Secretary of State Rex Tillerson clarified that the U.S. isn't interested in a “regime change” in North Korea.
Oil rose above the $52 per barrel mark after Russia signalled that it may extend the Organisation of Petroleum Exporting Countries (OPEC)-led cuts after June 2017. The Bloomberg Dollar Spot Index rose 0.07 percent to 101.25 after advancing 0.3 percent on Friday.
SGX Nifty futures rose indicating that the underlying SGX Nifty Index may snap its two-day losing streak.
U.S. Jobs Dampener
The U.S. added 98,000 jobs in March, compared to the 219,000 increase in Febuary, according to a Labor Department report on Friday. The median forecast in a Bloomberg survey of economists forecast a 180,000 advance. The unemployment rate however fell to 4.5 percent from 4.7 percent, while annual increase in wages also came in line with expectations with a 2.7 percent increase.
The Dow Jones Industrial Average fell as much as 0.27 percent, before paring losses to close largely unchanged at 20,656. The S&P 500 Index closed 0.1 percent lower, while the NASDAQ Composite Index closed flat.
Also Read: Plenty Of Beauty In U.S. Jobs Data Beneath Ugly Headline Number
Oil Gains; Iron Ore Falls
Rising expectations of production cuts being extended beyond June pushed oil higher.
The Russian government has discussed with oil companies the need to prolong the six-month output reduction deal when it expires, Energy Minister Alexander Novak said on Friday. It is too early to decide whether the pact should be prolonged, Novak added. Russia and 10 other countries joined OPEC in cutting production from January.
West Texas Intermediate for May delivery rose above the $52 per barrel mark, extending last week's 3.2 percent jump. U.S. missile strikes on Syria had sent crude prices higher on Friday.
Iron ore extended its losses, erasing all of 2017's gains. The commodity has fallen more than 20 percent from its February 21 peak, meeting the common definition of a bear market.
Business Confidence Boost
SGX Nifty futures rose 0.18 percent to 9,235 as of 7:15 a.m., indicating a positive start to the trading week for Indian equities.
The Confederation of Indian Industry (CII) Business Confidence Index rose to an all-time high of 64.1 in the January to March quarter, owing to the expected reform initiatives and sharp uptick in business. It's previous record stood at 56.5, in the previous quarter.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
