Nikkei at 8-mth top as US data cheers

TOKYO: Japan’s Nikkei climbed to an eight-month high on Thursday after the dollar jumped against the yen following robust US private-sector jobs data, while Resona surged 14 per cent on speculation it would soon launch a planned share sale. Shares of blue-chip exporters rose, with Toyota Motor Corp gaining 2.6 per cent and Hitachi Ltd rising 2 per cent, leading the Nikkei’s advance after the greenback posted its best one-day gain in more than three months against the yen on Wednesday.

Trading volume picked up sharply as more investors tap into riskier assets on hopes of economic recovery. Around 2.4 billion shares changed hands on the Tokyo Stock Exchange’s first section, well above last week’s average of around 1.3 billion. Advancing issues outpaced declining ones by 1,250 to 302.

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Oil slips under $91; US inventory data in focus

US jobless claims at lowest in more than two years

LONDON: Oil prices slipped under $91 in thin trading volumes on Thursday ahead of the release of the latest weekly US oil inventory data, expected to show a drawdown in crude stocks for the fourth consecutive week. US crude for February delivery fell 57 cents to $90.55 a barrel by 1415 GMT. ICE Brent crude shed 41 cents to $93.73

Oil prices brushed off a positive reading of new US jobless claims, which fell to their lowest levels in two years, suggesting the labour market could be regaining strength. Prices have traded range-bound near $91 a barrel after touching 26-month highs of $91.88 a barrel at the start of the week, but weakened during the penultimate trading session of 2010.

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Posted in: API,barrel,crude,expected,focus,GMT,Oil,Oil slips,prices,trading,US