March 8 (Bloomberg) -- Asian stocks rose, driving the MSCI Asia Pacific Index to a six-week high, as better-than-estimated U.S. jobs data and a pledge by French President Nicolas Sarkozy to support Greece boosted confidence in the global recovery.

Sony Corp., which gets almost a quarter of its sales in the U.S., climbed 3.9 percent. BHP Billiton Ltd., the world’s largest mining company, rose 2.4 percent after winning a 55 percent price increase from JFE Holdings Inc.’s steel unit. Arrow Energy Ltd. surged 46 percent after receiving a takeover offer. KT Corp. rose 5.6 percent in Seoul after South Korea’s communications regulator imposed a cap on marketing costs.

“U.S. employment is recovering steadily and consumption is starting to grow,” said Akio Yoshino, chief economist at Societe Generale Asset Management (Japan) Inc., which manages the equivalent of $17 billion. “This steady pace of recovery is positive for the market.”

The MSCI Asia Pacific Index rose 1.6 percent to 122.21 as of 11:31 a.m. in Tokyo, set to close at the highest level since Jan. 22. The gauge has fallen 3.6 percent from a 17-month high on Jan. 15 on concern over budget deficits in Europe and speculation governments around the world will withdraw stimulus. France’s Sarkozy said at the weekend the euro region is ready to rescue Greece should it struggle to fund its deficit.

Hong Kong’s Hang Seng Index jumped 2.1 percent, while Japan’s Nikkei 225 Stock Average rose 1.6 percent. Australia’s S&P/ASX 200 Index gained 0.9 percent. South Korea’s Kospi Index climbed 1.2 percent.

Jobless Rate

Futures on the Standard & Poor’s 500 Index advanced 0.1 percent. The gauge jumped 1.4 percent after government figures showed the U.S. jobless rate was at 9.7 percent in February. The rate was projected to increase to 9.8 percent, according to the median estimate of 80 economists surveyed by Bloomberg News.

Christina Romer, President Barack Obama’s chief economist, told Bloomberg Television that it’s “very realistic” to expect employment growth in the U.S. in the next few months.

“The smaller than expected job losses have increased optimism that a jobs recovery may ensue,” said Tim Schroeders, who helps manage about $1.1 billion at Pengana Capital Ltd. in Melbourne. “We’ll need confirmation of actual jobs growth before we see investors give up on defensive stocks and swing back aggressively into more cyclical exposures.”

Sony climbed 3.9 percent to 3,330 yen. Nissan Motor Co., which gets more than a third of its revenue in North America, advanced 3.7 percent to 726 yen.

Consumer Stocks

Japanese exporters also rose as the yen depreciated to 90.43, compared with 89.29 against the dollar at the close of stock trading in Tokyo on March 5. Against the euro, Japan’s currency weakened to 123.77 from 121.36. A weaker yen boosts the value of sales generated overseas in local terms for Japanese companies.

In Sydney, BHP Billiton rose 2.4 percent to A$43.52. Rio Tinto Group, the world’s third-largest mining company, increased 2.2 percent to A$76.67.

The London Metals Index, a measure of six metals including copper and zinc, climbed 1.7 percent on March 5, while crude oil for April delivery gained 1.6 percent to settle at $81.50 a barrel in New York, the highest closing price since Jan. 11.

Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, rose 1.9 percent to A$45.36. PetroChina Co., China’s largest oil producer, advanced 2.2 percent to HK$9.13 in Hong Kong.

Arrow Energy soared 46 percent to A$5.07. The Australian coal-seam gas producer said it received a takeover offer worth more than A$3.3 billion ($3 billion) from Royal Dutch Shell Plc and PetroChina.

Full article:

http://www.bloomberg.com/apps/news?pid=20601087&sid=ayw2shjhbJrw&pos=3

PS.  Another company gets bought out in Arrow Energy In Australia......imho, more commodity companies will get taken out.  Looking like a good day tomorrow for commodities and their stocks, watching for any dips to buy my watchlist names and any overheated names I own to take some off the table.

PSS.  Wheeeewhoooo my Philly Flyers beat the hapless Leafs.....a team that hasnt been the same since the Gilmour, Clark, Andrychuk days.  Philly looking decent again, all up to playoff goaltending....Will Leighton be the man???


Cheers,
Dave.