Asian markets advance on US jobs report (AP) (09-11-2009)

TOKYO (AP) -- Asian stock markets gained on Monday as investors took a surprisingly weak U.S. jobs report as a sign that interest rates in the world's largest economy will stay low longer than expected. The region's gains followed Wall Street, where stock indexes gained slightly on Friday after the government said the U.S. unemployment rate reached 10.2% last month for the first time since 1983.

Asian investors will probably shift their focus back to mainland China, where several key economic indicators are due out this week, including retail sales, industrial output and the consumer price index.

Hong Kong's Hang Seng index rose 1.1 percent to 22,063.16, and Japan's Nikkei stock average edged up 0.4 percent to 9,823.90. Benchmarks in South Korea, Taiwan, Singapore, Australia and New Zealand also advanced. Mainland China's was the only major market to decline.

Financial and insurance stocks were sharply higher in several markets. Australia's AXA Pacific Holdings Ltd. soared more than 32 percent after the insurer rejected a $10 billion takeover bid from rival AMP Ltd. and French parent AXA SA. In Japan, Mitsui Sumitomo Insurance Group Inc. surged 8.8 percent after the nonlife insurer reported better-than-expected earnings results for the April-September half.

Ongoing concerns about the strong yen limited gains in Tokyo's market, with the country's major exporters taking a hit. Toyota Motor Corp. slipped 0.6 percent, while Canon Inc. lost 0.9 percent.

Source: AP