World stock markets advanced Friday, with resource companies gaining as oil prices broke above $69 and mining giants Rio Tinto and BHP Billiton announced a partnership. Japan's benchmark rose to an eight-month high. But many investors tread cautiously ahead of a key U.S. jobs report that could bring more signs of recovery _ or weakness _ in the world's largest economy, AP reported. Investors were comforted by news Thursday that the number of American workers continuing to receive unemployment benefits unexpectedly fell for the first time in 20 weeks. That augured well for the government's monthly tally of job losses, a critical report on non-farm payrolls due later Friday that could provide more clues to the health of the U.S. economy and consumer spending, which is critical for Asian exporters. Still, optimism about any nascent recovery is pervasive in the market, and some analysts say stocks could push higher even if the figures disappoint _ building on a powerful rally that has lifted many markets in Asia 30 percent or more in just the last three months. «We're still cautious, but more and more people are turning positive about the economy,» said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. «I think that confidence will be hard to shake in the short term.» European markets followed Asia higher, with Britain's FTSE 100 rising 1.6 percent, Germany's DAX up 0.6 percent and France's CAC-40 gaining 1.2 percent. Earlier in Japan, the Nikkei 225 stock average rose 99.05 points, or 1 percent, to 9,768.01 as shares of automakers and electronics companies posted strong gains as the yen weakened against the dollar. In Hong Kong, the benchmark Hang Seng closed up 1 percent to 18,679.53 in seesaw trade, while South Korea's Kospi took back its losses to add 1.2 percent to 1,394.71. India's stock measure was up 0.5 percent, but Shanghai's benchmark edged down 0.5 percent. In Australia, the main index advanced 0.9 percent. Oil producers like Japan's Inpex and China's Hong Kong-listed CNOOC, each up nearly 5 percent, outperformed thanks to surging crude prices. Mining titans Rio Tinto and BHP each surged more than 8 percent in Sydney. Rio Tinto said Friday it was scrapping its $19.5 billion deal with Chinese company Chinalco, choosing instead to raise $15.2 billion in a share sale and setting up a joint production venture with rival BHP comprising all of their iron ore assets in Western Australia state. Investors reacted positively, surmising the sale would help Rio pay down its debts as the partnership saves the two companies billions and gives them greater leverage over pricing.
