Most Asian stock markets rise amid wariness over US job losses; Shanghai up 3.2 percent

Asian stocks rise but caution over US jobs lingers

HONG KONG — Asia stock markets were mostly higher Thursday but fears that rising job losses in the U.S. could derail the economic recovery kept investors on edge.

Outside of China, where stocks continued their turnaround after a sharp sell-off Monday, gains were limited across the region by a report showing the world’s largest economy hemorrhaged more jobs than expected last month.

The news gave investors more reason to worry growing unemployment will hit consumer spending, which makes up about two-thirds of U.S. economic activity, and sap economic growth. The report also lowered expectations for a key government reading on jobs due out Friday.

“Sentiment is quite cautious right now,” said Alex Tang, head of research at Core Pacific-Yamaichi International in Hong Kong. “The latest indicators keep suggesting we’re going to see a weak recovery in the U.S., particularly in terms of consumer spending.”

“All and all, the markets are definitely ahead of fundamentals when we look at all these uncertainties and concerns,” he said.

In Japan, the Nikkei 225 stock average shed 42.93 points, or 0.4 percent, to 10,237.53. Korea’s Kospi and Australia’s main benchmark were also lower.

Other markets advanced, with China’s Shanghai index surging 3.2 percent to 2,803.00 and Hong Kong’s Hang Seng rising 1 percent to 19,715.38. Taiwan’s market gained 0.8 percent and Singapore’s benchmark added 0.5 percent.

The still-deteriorating job market unnerved traders, and Wall Street closed lower for its fourth straight session Wednesday.

The Dow Jones industrial average fell 29.93, or 0.3 percent, to 9,280.67, pushing its four-day slide to 300 points, or 3.1 percent. The index crossed between gains and losses 108 times as it traded in the second-tightest point range this year.

The S&P 500 index fell 3.29, or 0.3 percent, to 994.75, while the Nasdaq composite index fell 1.82, or 0.1 percent, to 1,967.07.

Oil prices were marginally higher in Asia after ending flat overnight. Benchmark crude for October delivery gained 17 cents to $68.22 a barrel.

The dollar was little changed, trading down at 92.23 yen from 92.25 yen. The euro rose to $1.4272 from $1.4266.