Asian stocks rise on US jobs, consumer data

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Asian shares rose on Monday as encouraging U.S. job and consumer data reinforced views that the world's largest economy is slowly but steadily recovering, fueling a move into riskier assets and out of safe havens like the yen.

U.S. Labor Department data on Friday showed employers cut fewer jobs than expected in February, suggesting that the economy may be strong enough to start creating new jobs soon.

Other data showed U.S. consumer credit rose in January for the first time in a year. A resurgence in consumer spending is seen as vital to a sustainable global recovery.

The U.S. Commerce Department releases retail sales data for February on Friday, which is also the day for release of the Thomson Reuters/University of Michigan preliminary reading on March consumer sentiment.

Tuesday marks the first anniversary of the U.S. stock market's slide to 12-year closing lows on March 9, 2009. Since then, the Standard & Poor's 500 Index has climbed nearly 70 percent.

"The (U.S.) non-farm payrolls were better than expected, but not so much better that they'd provoke concerns about the U.S. hiking interest rates soon," said Hideyuki Ishiguro, a strategist at Okasan Securities.

"And last week's news that the Bank of Japan is looking into further easing of its monetary policy is helping too, by having weakened the yen for now."

Japan's benchmark Nikkei average was up 1.76 percent at 0202 GMT while the broader Topix gained 1.51 percent.

The MSCI index of Asian shares outside Japan was up 1.27 percent.

The euro was higher on the U.S. dollar, edging up to $1.3635 from $1.3611 late in New York, helped by growing support for debt-laden Greece.

Yen weighed down by speculation of looser BOJ pressure.

The dollar index was lower at 80.35, with near term support seen around 79.55/60 -- its Feb 17 low -- with latest data showing currency speculators cutting by more than half their long bets on the U.S. dollar in the week to March 2

Gold rose on Monday after ending about $20 higher last week as the Greece debt crisis ignited safe haven buying. Spot gold was trading at $1,133.80.

NYMEX crude for April delivery was up 35 cents at $81.85 a barrel by 0037 GMT, after settling up $1.29 at $81.50 on Friday, boosted by the jobs data.

The Nasdaq marked its highest close in 18 months on Friday. Both the Dow Jones industrial average and the Standard & Poor's 500 Index closed at six-week highs with gains of more than 1 percent.