* Asian shares gain after hefty central bank cuts
* Risk aversion remains, sending dollar higher
* Focus on U.S. employment data, fate of U.S. auto makers
(Repeats to additional subscribers with no changes to text)
By Rafael Nam
HONG KONG, Dec 5 (Reuters) - Asian shares rose on Friday
following record rate cuts by central banks in Europe, though
risk aversion remained, lifting the dollar ahead of what is
expected to be dismal U.S. employment data.
Oil prices steadied after slumping $3 on Thursday to their
lowest level in nearly four years amid bleak economic data that
could spell a deeper decline in global energy demand.
Caution was likely to prevail in broader global markets
despite the recent sell-offs, with concerns also focusing on
the fate of U.S. auto makers, which are seeking billions of
dollars in government aid.
"We are staring at great values here but people are not
willing to accept it because of all the uncertainty that's
around the place," said Michael Heffernan, strategist at
Austock Securities in Australia.
The MSCI index of Asian shares outside Japan
<.MIAPJ0000PUS> rose 0.5 percent as of 0240 GMT, though it was
still en route to a weekly loss of nearly 4 percent.
The Nikkei average <> was up 0.7 percent, while key
indexes in South Korea <>, Hong Kong <> and Singapore
<.FTSTI> were up between 1 and 2 percent.
Shares in Taiwan <> fell, while markets in China
<> and Australia were little changed.
The overall gains followed steep rate cuts by central banks
worldwide as they respond to a deepening global downturn.
On Thursday the European Central Bank dropped its benchmark
rate by 0.75 percentage point, while Sweden lopped 1.75
percentage points and the Bank of England cut rates by 1
percentage point. []
Governments are also taking action. South Korea repeated on
Friday pledges to do more to keep Asia's fourth-largest economy
on tack, and listed automobile, semiconductor and petrochemical
firms as those hardest hit by the global downturn.
[]
EMPLOYMENT DATA
Investors were shifting their focus to U.S. 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 <T.N> to banks such
as Credit Suisse <CSGN.VX> 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 <JPY=> after
hitting its lowest point in five weeks at 92.05 yen on
electronic trading platform EBS in U.S. trading.
The euro dropped 0.2 percent to $1.2755 <EUR=>, 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.
