* New Zealand dollar also rises with carry trade back
* Hong Kong stocks benefit from China stimulus extension
* Oil tries to snap 6-session losing streak
By Kevin Plumberg
HONG KONG, Dec 10 (Reuters) - The Australian dollar surged
on Thursday after November jobs growth blew away expectations,
while Asian stocks posted small gains ahead of a slew of
Chinese economic data on Friday expected to reflect robust
growth.
The euro was steady against the dollar and rose against the
yen, though sovereign credit rating risks were just below the
surface. Standard & Poor's cut its outlook on Spain to
negative, two days after Fitch downgraded Greece's debt rating.
[]
Hong Kong stocks rose 1 percent <>, standing out in an
otherwise quiet session, after China said it would extend to
next year efforts to boost domestic consumption.
Japan's Nikkei share average <> was steady, though it
is up 4.7 percent on the month, outperforming the S&P 500,
which is flat in December.
A 3.8 percent fall in the shares of Suzuki Motor <7269.T>
was the third-largest drag on the Nikkei as dealers questioned
the stock's high valuation despite optimism surrounding an
alliance with Volkswagen.
Indeed, Suzuki is trading at about 1.5 times its 12-month
forward book value, above the industry average of 1 times,
Thomson Reuters Starmine shows.
"We believe the firm will benefit from the technology
alliance with Volkswagen, but anticipation of tie-up news has
already driven its valuation... considerably higher (than those
of its Japanese rivals)," said Morgan Stanley analyst Noriaki
Hirakawa.
The MSCI index of Asia Pacific stocks outside Japan edged
up 0.4 percent <.MIAPJ0000PUS>, with the energy sector
providing the biggest lift.
The Thomson Reuters index of Asia ex-Japan equities was
also up 0.6 percent <.TRXFLDAXPU>.
Currency markets were dominated by news on the Australian
and New Zealand dollars.
The Australian dollar rose 0.75 percent to US$0.9151
<AUD=>, near the middle of a $0.89 to $0.94 range carved out in
the last two months.
Employment data showed Australia's economy in November
generated 31,200 jobs, exceeding a median forecast of a gain of
5,000 and the unemployment rate fell to 5.7 percent. The data
supported the case for more interest rate increases by
Australia's central bank. []
"The fact that expectations for the employment release were
so comprehensively exceeded suggests that there is yet to be
full agreement on the momentum in the economy that will ensure
the (Reserve Bank of Australia) stays the course and continues
to unwind the accommodative settings of monetary policy,"
Patrick Bennett, Asia foreign exchange and rates strategist at
Societe Generale in Hong Kong, said in a note.
The New Zealand dollar gained 0.8 percent to US$0.7246
<.NZD=> after the Reserve Bank of New Zealand signalled it
could start raising interest rates as early as April next year.
[]
U.S. crude for January delivery <CLc1> rose 46 cents to
$71.13 a barrel after settling at a two-month low on Wednesday,
down for six straight sessions.
(Editing by Neil Fullick)
