Asian shares climbed in early trade, after better-than-expected private jobs data in the world's largest economy stoked optimism towards global growth. The Nikkei 225 Stock Average crossed the 20,000-mark for the first time since 2015, while yen weakened.
Global equities extended this year's advance to more than 10 percent, after data showed U.S. economic revival is on track.
The markets ignored U.S. President Donald Trump decision to withdraw from the Paris climate accord, saying that the current deal is beneficial for China and India, and damaging to the American labour industry. He proposed working on getting a better deal.
So we're getting out but we'll start to negotiate and we will see if we can make a deal that's fair. And if we can, that's great. And if we can't, that's fine.U.S. President Donald Trump
The decision drew negative comments from leaders of France, Germany and Italy.
Also Read: Trump to Yank U.S. From Climate Accord And Seek Better Deal
U.S. also imposed fresh sanctions on companies linked with North Korea to weigh in on the country's nuclear weapons and ballistic missile programme. North Korea has tested seven missiles so far this year.
U.S. Jobs Data
The non-farm payrolls report will be released after Asia Pacific markets close today. Economists are looking for job growth of 182,000 in May on the heels of a 211,000 increase in April. Average hourly earnings are expected to accelerate a tick to an annual pace of 2.6 percent, while the unemployment rate holds steady at 4.4 percent.
The ADP's private employment report released Thursday crushed expectations, raising the bar for Friday's release somewhat and fostering a rise in Treasury yields as well as the U.S. dollar, the best-performing G10 currency on the day.
Crude Hovers Near $48/Barrel
WTI Crude futures traded near the $48-mark as the rise in global oil production offset the fall in weekly U.S. crude inventories. Nymex WTI Crude traded 0.54 percent lower at $48.10 per barrel.
Oil is set to fall further, most in four weeks, as crude production registered a 14th increase in 15 weeks, according to Bloomberg.
U.S. inventories fell by 6.43 million barrels last week while crude production rose the most since August 2015, according to a report by the Energy Information Administration.
Good Start For India?
The SGX Nifty index, an early indicator of Nifty's performance in India, was up 0.4 percent to 9,671.5.
Auto stocks, led by Bajaj Auto Ltd. which is scheduled to release its May sales data, will remain in focus. Most auto makers managed to sell higher number of vehicles in May, especially in the tractor segment. Passenger car sales showed moderate growth but commercial vehicles hit a bump.
Also Read: Not All Automakers Could Take The Highway In May
In economic data, while India's manufacturing data showed a slower expansion in the month of May, investors will now look forward to today's service and the composite PMI data.
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