Asian shares climb, oil extends gains after OPEC+ deal

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By Stella Qiu

SYDNEY (Reuters) - Asian shares rose on Thursday as the dollar wobbled ahead of U.S. non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.

The gains are likely to extend to European markets, with the pan-region Euro Stoxx 50 futures up 1.4% and FTSE futures 0.7% higher.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%, marking its third straight day of gains. It is up 4.5% for the week after a staggering 13% drop in September.

Japan's Nikkei stock index climbed 1.0% to its highest level since late September, driven by energy and chip-related stocks. South Korea advanced 1.5% while Australian shares reversed losses to be up 0.1%.

Hong Kong's Hang Seng index also trimmed earlier losses to be off 0.2% on the day. Mainland Chinese markets remain closed for holidays.

Offshore risk sentiment remained buoyant. The S&P 500 futures rose 0.5% and Nasdaq futures increased 0.7%, building on a late rebound in U.S. stocks which helped limit earlier losses.

The S&P 500 finished Wednesday 0.20% lower and the Nasdaq Composite ended down 0.25%.

The Refinitiv Asia Energy index surged 1.4%, after the Organization of the Petroleum Exporting Countries and allies agreed to cut oil production the deepest since the COVID-19 pandemic began, curbing supply in an already tight market.

Oil prices hit their highest level since mid-September. Brent crude futures were up 0.2% at $93.51 a barrel while U.S. West Texas Intermediate (WTI) crude futures also gained 0.2% to $87.9 per barrel.

SO MUCH FOR FED PIVOT

Earlier this week, U.S. job openings data suggesting that the labor market and economy were slowing as well as the Reserve Bank of Australia's surprise move to raise rates by only 25 basis points fuelled hopes of less aggressive interest rate hikes by central banks and lifted risk sentiment.

But those hopes were dashed after the ADP National Employment Report showed private employment rising more than estimated in September and the Institute for Supply Management reported the service sector shrank less than expected in September and employment ticked up.

"The optimism that buoyed financial markets earlier this week receded as U.S. data continued to articulate the need for further, decisive central bank policy action," said analysts at ANZ.

"Attention is now firmly focused on the September labour market report... The market needs to prime for a strong number."

U.S. non-farm payrolls data is due on Friday and analysts polled by Reuters expect 250,000 jobs were added last month and unemployment to come in at 3.7%.

Overnight, San Francisco Federal Reserve President Mary Daly underscored the U.S. central bank's commitment to curbing inflation with more interest rate hikes, although she also said the Fed will not simply barrel ahead if the economy starts to crack.

Atlanta Fed president Raphael Bostic said the U.S. Federal Reserve's fight against inflation is likely "still in early days."

In currency markets, the dollar eased 0.3% against a basket of major currencies on Thursday, after climbing 0.7% overnight on hawkish comments from Fed officials.

U.S. Treasury yields were largely steady after jumping overnight.

The yield on benchmark ten-year notes was largely unchanged at 3.7471% while the yield on two-year notes stabilised at 4.1562%.

Gold was slightly higher. Spot gold was traded at $1,723.4489 per ounce. [GOL/]