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Asian shares gain after central banks slash rates
(Agencies)
Updated: 2008-12-05 13:17 Employment Data Investors were shifting their focus to US employment data due out later on Friday, with a Reuters poll of economists forecasting a contraction of more than 300,000 in payrolls.
The report could thus become the latest bleak signal about the global economy. Companies from AT&T Inc to banks such as Credit Suisse are cutting jobs as they face the worst economic crisis since the Great Depression. The ensuing risk aversion is benefitting asset classes seen as relative safe-havens such as the dollar. The dollar climbed 0.3 percent to 92.52 yen after hitting its lowest point in five weeks at 92.05 yen on electronic trading platform EBS in US trading. The euro dropped 0.2 percent to $1.2755, giving up some of the single currency's gains on Thursday, when investors lauded the ECB's bolder-than-expected interest rate cut as a proactive step to stave off a deep recession. Oil steadied at $43.60 a barrel after slumping more than 6 percent to its lowest level since January 2005 on Thursday. Crude prices have fallen some 16 percent since last week, and are now more than $100 below the all-time high of $147.27 hit in July. Gold also steadied at $768.90 an ounce after its fall on Thursday. |
