Asian markets jump on robust US jobs data

Asian shares rose on Monday in morning session after surprisingly robust US jobs data fuelled optimism the world’s largest economy is recovering, boosting the earnings outlook for Asian exporters.

The MSCI Asia Pacific Index climbed 1% to 126 as of 10:37 a.m. in Tokyo, headed for its highest close since 5 August. Japan’s Nikkei 225 Stock Average gained 1.3%, while the broader Topix Index advanced 1.4%. Australia’s S&P/ASX 200 Index increased 1.2%. South Korea’s Kospi Index climbed 0.5%, and Singapore’s Straits Times Index gained 1.2%. Hong Kong’s Hang Seng Index advanced 1.1%.

Equities gained after the US Labour Department data showed payrolls rose by 243,000 in January, the most since April. The median estimate in a Bloomberg survey of economists was for an increase of 140,000. The unemployment rate declined to 8.3%, the lowest level since February 2009.

Companies exporting to America surged the most on the news. Nikon, a maker of cameras and lenses that gets more than a quarter of its revenue from North America, jumped 10% in Tokyo after increasing its full-year operating profit forecast. Panasonic, a Japanese electronics company that receives nearly half its sales outside the country, increased 6.7%.

BHP Billiton gained 1.6% in Sydney after commodity prices surged. Rio Tinto advanced 2.1% after a report said the company is expected to boost its dividend by as much 40%. Noble Group, a Hong Kong-based commodities supplier, climbed 3.2% in Singapore.

In other corporate news, Toyota Motor, the world’s largest carmaker by market value, added 2.7%, Samsung Electronics gained 0.8% in Seoul and HSBC Holdings increased 2.2% in Hong Kong.