Market Report - Asia on Hold

A recent surge in Asian shares lost their steam ahead of U.S. monthly jobs data which will help signal whether the global economy has hit bottom.

U.S. bank stress test results were out after the close of Wall Street on Thursday. They offered little surprises, showing less capital is needed to keep the banks afloat than previously feared.

A further dose of confidence on the economy will be key in extending the rally in global stocks.

Asian shares, for example, are up about 9 percent this week, bringing gains since their 2009 low in early March to around 51 percent.

There are, however, reasons to worry.

A weak U.S. bond auction raised questions on how much the world's top economy will have to pay to attract investors like China to finance its big stimulus plan.

Some of the optimism about stocks was also affected by a disappointing trading debut in Hong Kong for Zhongwang, Asia's largest maker of aluminum extrusion products.

And corporate earnings were also in focus with companies like Toyota and Toshiba announcing steep losses.

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News & Politics

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