World stocks regained their composure Thursday after upbeat U.S. employment figures buoyed shares on Wall Street, surmounting fears of a disruption in the global production of crude. Oil prices fell amid reports that Libyan leader Moammar Gadhafi has accepted an offer from Venezuela to mediate in Libya's politics crisis but remained about $101 a barrel. The dollar was higher against the euro and dipped slightly against the yen. The momentum that helped Asian stocks move higher carried over to Europe, where shares rose in early trading.
Britain's FTSE 100 was 0.5 percent higher to 5,942.37 while Germany's DAX gained 0.6 percent to 7,225.16. France's CAC-40 added 0.6 percent to 4,056.48. Ahead of the opening bell, Dow Jones industrial average futures rose 0.4 percent to 12,095 and S&P 500 futures was 0.5 percent higher at 1,312.20. South Korea's Kospi Composite Index, which has dropped more than 4 percent since the beginning of the year, found its footing. The benchmark rose a hefty 2.2 percent to 1,970.66 after the government said industrial output grew for the 19th straight month in January. Citing a government report, Yonhap news agency reported that production in mining and manufacturing rose 13.7 percent in January from the same month a year earlier, fueled mainly by autos and semiconductors.
That boosted shares such as Kia Motors Corp., the country's second-biggest automaker, up 6.6 percent, and Hynix Semiconductor, the world's second-largest maker of computer memory chips, up 3.3 percent. Japan's Nikkei 225 stock average climbed 0.9 percent to 10,586.02 while Hong Kong's Hang Seng index was 0.3 percent higher to 23,122.42. Australia's S&P/ASX 200 index was up slightly to 4,806.40. Benchmarks in Singapore , Taiwan , and New Zealand also rose.
But mainland Chinese shares fell as profit taking in the afternoon offset morning gains. Shares in financials, cement and oil companies were higher, while shares in agriculture-related and biotechnology companies fell. The benchmark Shanghai Composite Index lost 0.4 percent to 2,902.98, while the Shenzhen Composite Index lost 1.6 percent to 1,272.00. Chinese shares will likely remain volatile as investors guess over whether recent data showing the economy is growing more slowly than in recent months will pre-empt further inflation-fighting moves by the government, analysts said. The opening of the annual session of the national legislature is adding to the sense of caution.
``The economy may not grow as quickly as before, but that could be good if there are no big policy moves,'' said Peng Yunliang, an analyst at Shanghai Securities, in Shanghai. The mostly strong showing in Asian markets followed Wall Street gains spurred by a hiring report that surprised investors and gave hope the dark clouds over the job market may be clearing. Payroll processor ADP said U.S. private companies added 217,000 jobs in February, well above the 180,000 analysts had predicted. Analysts said that sets a positive tone for a U.S. government jobs report for February due out Friday.
Britain's FTSE 100 was 0.5 percent higher to 5,942.37 while Germany's DAX gained 0.6 percent to 7,225.16. France's CAC-40 added 0.6 percent to 4,056.48. Ahead of the opening bell, Dow Jones industrial average futures rose 0.4 percent to 12,095 and S&P 500 futures was 0.5 percent higher at 1,312.20. South Korea's Kospi Composite Index, which has dropped more than 4 percent since the beginning of the year, found its footing. The benchmark rose a hefty 2.2 percent to 1,970.66 after the government said industrial output grew for the 19th straight month in January. Citing a government report, Yonhap news agency reported that production in mining and manufacturing rose 13.7 percent in January from the same month a year earlier, fueled mainly by autos and semiconductors.
That boosted shares such as Kia Motors Corp., the country's second-biggest automaker, up 6.6 percent, and Hynix Semiconductor, the world's second-largest maker of computer memory chips, up 3.3 percent. Japan's Nikkei 225 stock average climbed 0.9 percent to 10,586.02 while Hong Kong's Hang Seng index was 0.3 percent higher to 23,122.42. Australia's S&P/ASX 200 index was up slightly to 4,806.40. Benchmarks in Singapore , Taiwan , and New Zealand also rose.
But mainland Chinese shares fell as profit taking in the afternoon offset morning gains. Shares in financials, cement and oil companies were higher, while shares in agriculture-related and biotechnology companies fell. The benchmark Shanghai Composite Index lost 0.4 percent to 2,902.98, while the Shenzhen Composite Index lost 1.6 percent to 1,272.00. Chinese shares will likely remain volatile as investors guess over whether recent data showing the economy is growing more slowly than in recent months will pre-empt further inflation-fighting moves by the government, analysts said. The opening of the annual session of the national legislature is adding to the sense of caution.
``The economy may not grow as quickly as before, but that could be good if there are no big policy moves,'' said Peng Yunliang, an analyst at Shanghai Securities, in Shanghai. The mostly strong showing in Asian markets followed Wall Street gains spurred by a hiring report that surprised investors and gave hope the dark clouds over the job market may be clearing. Payroll processor ADP said U.S. private companies added 217,000 jobs in February, well above the 180,000 analysts had predicted. Analysts said that sets a positive tone for a U.S. government jobs report for February due out Friday.
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