(RTTNews) - The stock markets across the Asia-Pacific region are trading higher on Friday, buoyed by hopes over U.S. economic measures to address the global financial turmoil, even as they await the U.S. Labor Department’s monthly employment report later in the day. Banking stocks across the region are trading higher. Crude oil eased to below $41 per barrel in Asian trades Friday.

Economists expect the U.S. Labor Department’s monthly jobs report to show that payroll employment fell by about 500,000 jobs in January, marking the thirteenth consecutive month of job losses. The report is also expected to show that the unemployment rate rose to 7.5 percent from 7.2 percent in December.

U.S. stocks closed higher on Thursday following better-than-expected retail sales data and on optimism about the government’s bank bailout plan. The Dow closed up 106.41 points or 1.3% at 8,063.07, the Nasdaq closed up 31.19 points or 2.1% at 1,546.24 and the S&P 500 closed up 13.62 points or 1.6% at 845.85.

Crude oil was trading at $40.85 in early Asian trades Friday, down $0.32 or 0.78% from Thursday’s close. Crude oil turned higher on Thursday and erased losses from the previous session. Light sweet crude oil for March settlement finished at $41.17 per barrel on the New York Mercantile Exchange, up $0.85 on the session.

The U.S. dollar strengthened against the Japanese yen, while it weakened against the South Korean won and the Australian dollar in early trades Friday.

In Tokyo, the U.S. dollar was trading in a range of 90.84-90.86 yen, up 1.36 yen from Thursday’s close of 89.48-89.50 yen in Tokyo. In Seoul, the South Korean won opened trading at 1,378.0 won to the U.S. dollar, up from Thursday’s close of 1,384.5 won. In Sydney, the Australian dollar opened higher at US$0.6545-US$0.6549, up from Thursday’s close of US$0.6455-US$0.6458.

The Japanese stock market was trading higher on Friday, tracking the overnight gains on Wall Street and a weaker yen.

At 9.00 P.M. ET, the benchmark Nikkei 225 Index was advancing 199.69 points or 2.51% to 8,149.34, and the broader Topix Index of all First Section Issues was gaining 11.07 points to 797.48.

The Japanese market fell sharply on Thursday, weighed down by losses in the financial sector after bleak U.S. and Japanese corporate earnings dampened investor sentiment. The Nikkei 225 index closed at 7,950, down 89 points or 1.1%, while the Topix index fell 6 points or 0.8% to 786.

Among economic news, Japan’s Finance Ministry reported Friday that Japan’s foreign reserves for January declined to $1.011 trillion from $1.031 trillion in December. The foreign currency reserves include Japan’s holdings in securities, deposits, gold, International Monetary Fund special drawing rights and other assets.

Japan is also slated to release preliminary December numbers for its leading and coincident indices later in the day.

Among banking stocks, Mitsubishi UFJ rose 2.10%, Sumitomo Mitsui Financial advanced 1.42%, Mizuho Financial climbed 3.62% and Resona Holdings gained 2.59%. Brokerage Nomura Holdings added 0.70%.

In the tech sector, Advantest gained 4.29%, Tokyo Electron jumped 4.48% and Kyocera rose 3.14%. Among export-oriented stocks, Canon gained 4.30%, Sharp surged 4.65% and Sony rose 2.63% while Komatsu eased 0.66%.

Automakers were also trading higher. Honda jumped 5.53%, Toyota gained 2.96%, Nissan added 0.71% and Mazda soared 4.26%.

Oil-related stocks advanced, while trading house stocks declined. In the oil sector, Inpex advanced 1.11%, Nippon Oil added 0.68% and Showa Shell gained 2.06%. Trading house Mitsubishi Corp. eased 0.74% and Mitsui & Co. lost 1.72%, while Itochu advanced 1.69%.

Shipping stocks were trading lower. Mitsui O.S.K. lost 2.04% and Kawasaki Kisen eased 0.51%, while Nippon Yusen advanced 1.81%.

Beer maker Asahi Breweries rose 3.46% following a report that the company was considering a bid for Anheuser-Busch’s South Korean unit. However, Asahi denied it was considering a bid.

The South Korean market advanced on Friday following the positive lead overnight from Wall Street. Tech and banking stocks were trading higher.

At 9.47 P.M. ET, the benchmark Korea Composite Stock Price Index or KOSPI, was gaining 23.18 points or 1.97% to 1,201.06.

The KOSPI tumbled 17 points, or 1.46% to close at 1,178 on Thursday as financial shares were battered due to the uncertainty on a U.S. banking rescue plan.

The markets have little to digest in terms of economic news on Friday.

In the tech sector, market heavyweight Samsung Electronics gained 3.26%, Hynix Semiconductor advanced 1.60%, LG Display LCD jumped 5.00% and LG rose 2.51%.

Automaker Hyundai Motor rose 2.13% and affiliate Kia Motors gained 2.96%. Steel maker Posco jumped 5.64%. Among banks, Woori Finance rose 3.11%, KB Financial, the holding firm of Kookmin Bank, gained 2.50% and Korea Exchange Bank gained 1.13%

Telecom issue SK Telecom declined 1.23%, while KT surged 3.73%. Shipbuilder Hyundai Heavy advanced 2.73%, Samsung Heavy Industries gained 2.56% and Daewoo Shipbuilding soared 5.56%.

Oil scrip S-Oil rose 2.55%, SK advanced 1.84% and energy stock Kepco added 1.50%. Among airline stocks, Korean Air Line rose 2.55% and Asiana Air Line added 0.51%.

Automaker Ssangyong Motor won permission for its application to reschedule debts with its creditors under court receivership, clearing a hurdle for the company to normalize its operations. The company is owned by China’s Shanghai Automotive Industry Corp.

The Australian stock market was trading higher on Friday following the gains on Wall Street overnight, led by banking stocks and gold miners.

At 8.40 P.M. ET, the benchmark S&P/ASX 200 Index was gaining 34.80 points, or 1.01%, to 3463.40 and the broader All Ordinaries Index was gaining 30.10 points, or 0.89%, to 3402.70.

The Australian market closed lower on Thursday as weakness among the major banks offset gains in the mining space. The S&P/ASX200 closed at 3,429, down 9 points or 0.27%. The All Ordinaries index fell nearly 10 points or 0.29% to close at 3,373.

On the economic front, the Reserve Bank of Australia on Friday slashed its growth outlook for the coming year and signaled its belief that the nation’s inflation rate is likely to remain low. The RBA’s Monetary Policy Statement forecast year-on-year growth of 0.25% for 2008-09. The Australian economy grew about 1.9% on year in the third quarter of 2008. The central bank lowered its GDP growth forecast for the second quarter of 2009 from the original estimate of 1.5%.

Construction activity in Australia contracted for the eleventh straight month in January. The Performance of Construction Index, or PCI, published Friday by the Australian Industry Group and Housing Industry Association posted a reading of 34.1 in January, an increase of 3.2 points from December, but well below the 50.0 level that separates contraction from expansion.

Among banking stocks, Commonwealth Bank advanced 1.62%, and Westpac added 1.00%. ANZ Banking Group rose 2.11%. The company said it expects its profit for the first half to be down more than 15% after credit provision, but modestly higher excluding the provisions. National Australia Bank declined 1.13% after the company reported cash earnings in line with the prior year, while charges from bad and doubtful debts increased to A$824 million. Investment bank Macquarie Group declined 1.41%.

In the resources sector, index leader BHP Billiton added 1.68%, while Rio Tinto eased 0.53%. Gold miners were stronger after gold closed higher on Thursday. Sino Gold gained 1.24%, Lihir Gold surged 4.58% and Newcrest Mining jumped 4.31%.

Among energy stocks, Oil Search added 0.70% and Santos advanced 1.82%, while Woodside eased 0.96%. In the retail sector, David Jones gained 1.89%, Coles’ owner Wesfarmers advanced 1.33% and Woolworths added 0.32%.

Mirvac soared 13% after the company said it had a new unsecured debt facility of A$805 million that will replace its existing A$1.1 billion syndicated facility which was due to expire in June 2009, but was undrawn at the end of 2008.

Other Asian markets:

Hong Kong’s Hang Seng Index was up 274 points or 2.08% to 13,453, Singapore’s Straits Times Index was gaining 16 points or 0.92% to 1,720, Taiwan’s Weighted Index was up 126 points or 2.89% to 4,489 and Malaysia’s KLSE Composite was up 3 points or 0.36% to 880. Also, China’s Shanghai Composite Index was adding 43 points or 2.06% to 2,141 and Indonesia’s Jakarta Composite Index was up 10 points or 0.77% to 1,338.

The New Zealand stock market is closed on Friday for a public holiday.

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