Asian shares today tracked a jump in US stocks after oil prices dropped below $49 a barrel to ease pressure on the global economy, while the dollar was mired near a record low against the euro ahead of US jobs data.
US oil slid to a five-week low around $48.47 a barrel as rising stocks eased worries of a winter supply crunch. The drop took oil's losses in the last nine trading days to more than $7 from an all-time high for New York futures at $55.67.
Traders said the dollar, hurt by renewed concern over the strength of the US economy and a gaping trade deficit, would stay under pressure unless the US jobs data beat expectations.
The US jobs data, due at 1.30 a.m., is expected to show US non-farm payrolls rose by 169,000 in October, compared with a rise of 96,000 in September.
In US equities, the Standard & Poor's 500 Index rose 1.6 per cent, the Dow Jones industrial average jumped 1.75 per cent and the tech-heavy Nasdaq rose 0.96 per cent.