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By Louise Heavens
SINGAPORE, April 7 (Reuters) - Asian shares rose on Monday,
with resources companies benefiting from stronger metals and
oil prices, while the dollar rose, shrugging off
worse-than-expected U.S. job losses.
But concerns about the impact of the credit crisis on the
financial system lingered, driving banking shares lower.
In Australia, ANZ Banking Group <ANZ.AX> fell more than 6
percent after it said it expected total bad debt providion in
in the first-half of fiscal 2008 to be about A$975 million
($894 million).
"We've been saying that the banks are going to find it
tough because of the U.S. issue and inter-connected problems
with subprime," said Lucinda Chan, division director at
Macquarie Equities. "Now that they have to physically announce
it, it makes itreally bad."
In South Korea Kookmin Bank <060000.KS> and Woori Finance
Holdings <053000.KS> both fell around 2 percent after a local
newspaper report pointed to South Korean losses related to the
global credit crisis.
Tokyo's Nikkei <> was up 1 percent, although
exporters, such as Toyota Motor Co <7203.T> dipped on concern
over demand from the United States.
Seoul's KOSPI <> index rose 0.9 percent, Sydney's S&P/ASX
200 index <> added 0.2 percent and Taipei's TAIEX <>
gained 0.9 percent.
Stock elsewhere in Asia, as measured by MSCI's index
<.MIAPJ0000PUS> were up 0.6 percent, although the benchmark is
still down 10 percent this year.
U.S. JOBS FALL
Meanwhile, surprisingly weak U.S. jobs data added to
evidence that the credit crisis may have tipped the U.S.
economy into recession []. U.S. Treasuries rose on
the news on Friday but gave up some of their gains on Monday.
The dollar initially fell but recouped losses, supported by
dollar buying by Japanese importers and talk that Japanese
investors were selling the yen against higher-yielding
currencies.
The weak reading was not a total shock and further declines
in the dollar may be limited in the near term, said a senior
trader for a Japanese trading house.
"It is not surprising that the numbers were bad," the
trader said, adding that given some surprising weakness in
recent U.S. employment data, investors had been prepared for
another soft reading.
By 0322 GMT the dollar had risen 1 yen from the day's lows
at 102.38 yen <JPY=>. The euro rose 160.49 yen <EURJPY=> and
was trading at $1.5770 against the dollar <EUR=>.
The worse-than-expected jobs data bolstered market
expectations for more aggressive rate cuts by the Federal
Reserve.
RESOURCES RISE
Shares in energy and metal-related stocks rose on after the
weak U.S. dollar pushedcommodity prices higher.
Oil prices <CLc1> extended Friday's 2 percent rise, adding
33 cents to $106.56. Copper futures touchedthree-week highs in
Shanghai, with the June copper contract <SCFM8>, the most
active on theShanghai Futures Exchange, up 1.4 percent.
Gold extended gains <XAU=>, changing hands at
$913.60/914.40 an ounce. Silver and platinum also rose.
In Australia BHP Billiton <BHP.AX>, the world's top miner
and Australia's top oil and gasproducer, Woodside Petroleum Ltd
<WPL.AX>, and Newcrest Mining <NCM.AX> all rose, while in Japan
oil field producer Inpex Holdings <1605.T> gained.
Markets in India, Thailand and the Philippines were
closed.
(Editing by Lincoln Feast)
