SINGAPORE, Jan 4 (Reuters) – Japanese stocks led Asian equities higher, climbing to their highest since May, and oil prices were perched near a 27-month high on Tuesday, with investors betting the improving U.S. recovery may be reflected in jobs data later in the week.
The dollar also rose while U.S. Treasuries dipped in Asia as investors kicked off the year turning to riskier assets such as high-yield credit, on signs that growth in the world’s biggest economy may accelerate in 2011.
The big test for the U.S. economy comes later this week when the government will publish its December jobs report after a report that manufacturing activity increased in December at its fastest clip in seven months. U.S. stocks hit two-year highs overnight, though the March S&P 500 future SPc1 was steady.
Raed More: GLOBAL MARKETS-Japan stocks lead Asia on signs of US recover
