Australian Jobs Data Boosts Asian Markets

Hana R. Alberts and Robert Olsen, 10.08.09, 05:50 AM EDT
Resources and banks stocks rise as investors await U.S. September retail sales.

HONG KONG -- Asian markets rose Thursday as evidence of economic recovery sprang from Australia, South Korea and Japan.

Australia's unemployment rate dropped in September, news that came on the heels of the central bank's decision to raise interest rates Wednesday.

South Korea posted positive economic data on exports to China, department store sales and credit card usage ahead of its own expected interest-rate announcement on Friday. The Baltic Dry index, which measures shipping by sea, reached its highest level in seven weeks.

Investors, however, remained cautious as they await reports of September retail sales in the U.S., an indicator of whether a key segment of consumer demand worldwide is growing or shrinking.

The jobs data out of Australia -- that payrolls added 40,600 jobs during September rather than cutting the predicted 10,000 -- boosted both the Aussie dollar and Sydney-traded stocks.