Asian Stocks Extend Gains As US Jobs Trump Virus Worries

People wait to cross a street in front of a stock indicator displaying share prices of the Tokyo Stock Exchange in Tokyo on January 9, 2020. Behrouz MEHRI / AFPAsian investors welcomed a forecast-busting US jobs report to send regional equities higher on Friday, though an acceleration in virus infections across the world’s top economy tempered big gains.

The jobs report showed people returning to jobs in hard-hit and crucial sectors such as leisure and hospitality, which accounted for just under half of the increase. Sydney climbed 0.4 percent and Seoul put on 0.8 percent, while there were healthy advances in Taipei, Seoul, Wellington, Singapore and Mumbai. Manila reversed early losses.“There’s still a general positive sentiment about how quickly we’re seeing the recovery,” said Chris Gaffney at TIAA Bank.

They pointed out that the latest spike in infections and the reclosure of some businesses around the US, particularly in the Sun Belt, could set the recovery back.

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