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Monday, Dec 10, 2012 2:30 AM UTC

Asia stocks rise on US jobs data showing growth

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Topics: From the Wires,

BANGKOK (AP) — Rising factory output in China and better-than-expected jobs numbers out of the U.S. helped lift Asian stock markets on Monday.

Investors delved into riskier assets a day after China’s National Bureau of Statistics reported that factory output increased 10.1 percent from a year earlier, a sign of recovery from an economic slowdown in the world’s No. 2 economy.

The followed the release Friday in the U.S. of data that showed employers added 146,000 jobs in November, beating economists’ estimates. The unemployment rate also fell to 7.7 percent from 7.9 percent, but that was mainly because more people gave up looking for work.

Japan’s Nikkei 225 index rose 0.2 percent to 9,547.10. South Korea’s Kospi added 0.2 percent to 1,961.42. Hong Kong’s Hang Seng advanced 0.7 percent to 22,342.80 and Australia’s S&P/ASX 200 gained 0.3 percent to 4,564.80.

Budget negotiations are continuing between the White House and the U.S. Congress in order to reach a deal before the economy hits a “fiscal cliff” — a series of sharp government spending cuts and the expiration of tax cuts that begin to kick in Jan. 1 and could cause a recession.

President Barack Obama and Republican House Speaker John Boehner met Sunday to discuss the budget. No details were released, but there was speculation that Republicans were getting close to granting a key concession — Obama’s demand for higher taxes on the wealthiest Americans to help reduce the budget deficit. For their part, Republicans are demanding steeper cuts in costly welfare programs.

“Talks between the administration and senior Republicans will continue this week but it appears that some senior Republicans are willing to give up their objections to tax hikes on the very wealthy,” said analysts at Credit Agricole CIB in Hong Kong.

Benchmark oil for January delivery rose 28 cents to $86.22 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 33 cents to finish at $85.93 per barrel on the Nymex on Friday.

In currencies, the euro fell to $1.2915 from $1.2926 in New York on Friday. The dollar rose to 82.46 yen from 82.40 yen.

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Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

By Pamela Sampson

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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