Hong Kong: Asian shares rose on Monday, tracking gains on Wall Street after strong US jobs data but worries about Greece’s unresolved debt crisis -- and default fears -- weighed on markets and the euro.
Tokyo was up 1.05%, Sydney climbed 1.07% while Seoul gained 0.27% in morning trade.
Hong Kong added 0.48% as Shanghai inched 0.11% higher.
Financial markets in Kuala Lumpur and Wellington were closed on Monday for a public holiday.
Investors cheered the latest batch of US economic data, which hinted that the world’s biggest economy was staging a lasting recovery as the Dow Jones Industrial Average climbed to pre-financial crisis levels on Friday.
The Labor Department figures showed that the US economy added 243,000 new jobs in January, while the unemployment rate fell to 8.3% from 8.5% in December -- the lowest rate since February 2009.
The White House said the jobs report was another sign that the country’s economy was climbing back from the deep 2008-2009 recession.
The market also liked Facebook’s plan for a share sale that could top $5 billion.
The Dow gained 1.23% to finish at 12,860.23, its highest closing level since May 2008, while the tech-heavy Nasdaq Composite jumped 1.61% to 2,905.66, its best close since December 2000 and the dot.com collapse.
The broad-based S&P 500 rose 1.46% to 1,344.90.
Concerns about the US economy “have been overturned by the latest jobs data, eurozone fears are easing, and there’s abundant liquidity being pumped in by developed nations all over global stock markets,” said Samsung Securities analyst Park Seung-Jin in Seoul.
“If Greece finalises talks with the private sector over its debt issue, there could be an even stronger rally.”
However, Athens has not yet finalized an agreement with private lenders to wipe out part of its €350 billion ($460-billion) debt mountain, as the country faces heavy loan repayments next month, raising fears it may default.
Greek officials are also in talks with the European Union, the International Monetary Fund and the European Central Bank on further action needed to unlock a new eurozone rescue deal worth €130 billion.
The measures demanded by the trio include cuts to Greece’s monthly minimum wage, pensions and civil service jobs.
Leaders from Greek political parties are expected to resume talks Monday after failing to bridge differences on the reforms demanded by the EU, IMF and Europe’s central bank.
“The constant delays and negative comments from European leaders raises concerns that Greece will not meet the necessary conditions for more funds. That means disorderly default,” said National Australia Bank currency strategist Emma Lawson, according to Dow Jones Newswires.