My finance view

Asian stock markets were mostly lower Friday ahead of a U.S. jobs report that is a key gauge of how robust the world’s No. 1 economy is.

Benchmark oil was nearly unchanged at $96 per barrel while the dollar rose against the euro and the yen.

Japan’s Nikkei 225 index fell 0.5 percent to 8,829.69. South Korea’s Kospi dropped 1 percent to 1,964.78 and Hong Kong’s Hang Seng lost 0.1 percent to 20,719.23.

Australia’s S&P/ASX 200 lost 0.4 percent at 4,249.40. Benchmarks in India, Thailand and New Zealand fell while Taiwan, Singapore and Indonesia rose.

Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the jobless rate was 8.5 percent.

Some analysts said they are not expecting a strong increase in jobs, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month _ fewer jobs than expected.

“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasn’t been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.

Traders were largely refraining from big moves ahead of the employment data in case it turns out to be worse than expected.

“For right now, for major indexes like Dow Jones, the Hang Seng and also Germany’s DAX, they are already at a relatively high level,” said Linus Yip, strategist at First Shanghai Securities in Hong Kong. “For major indexes which shot up to high levels, we need more information for markets to expand the uptrend.”

The results of earnings reports, meanwhile, reverberated across markets. Japan’s Hitachi Ltd. jumped 7.3 percent after the electronics maker maintained its earlier earnings projection for the business year to March 31.

But Singapore Airlines fell 2.5 percent a day after announcing that quarterly profit plunged 53 percent as passenger demand slowed while higher fuel prices sent costs up. South Korean shipbuilder Hyundai Heavy Industries plummeted 7.2 percent after posting a 91 percent plunge in fourth-quarter net profit, Yonhap News agency said.

Elsewhere, Australian miner Lynas Corp. tumbled 9.4 percent amid opposition to its rare earths plant in Malaysia’s central Pahang state that is scheduled to begin operations later this year.

Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.

Benchmark oil for March delivery was up 4 cents to $96.39 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.

In currency trading, the euro fell to $1.3131 from $1.3141 late Thursday in New York. The dollar rose to 76.18 yen from 76.16 yen.

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U.K. house prices (UKNBAAMM) may decline in 2012 as economic turmoil emanating from the euro area

+%3Cp%3E+It+looks+like+the+millionaire+surtax+is+going+down+again.%3C%2Fp%3E%3Cp%3EDemocrats+have+pushed+for+weeks+to+impose+a+millionaire+surtax+to+help+pay+for+the+cost+of+extending+the+payroll+tax+cut.+Republicans+have+said+it+would+be+a+job-killer.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EOn+Wednesday+night%2C+with+time+running+out+before+Congress+adjourns+for+the+year%2C+it+appeared+that+Democrats+were+ready+to+give+up+in+the+name+of+getting+a+deal+done.+A+source+told+CNN+that+Senate+Democrats+would+propose+a+new+plan+that+did+not+include+the+tax.+%28Read%3A+The+latest+on+negotiations%29%3C%2Fp%3E%3Cp%3EThe+demise+of+this+version+of+the+millionaire+tax+would+not+be+a+surprise.+Lawmakers+have+already+voted+down+a+surtax+of+5.6%25%2C+then+3.25%25+and+most+recently+1.9%25.%3C%2Fp%3E%3Cp%3EBut+the+idea+of+taxing+the+rich+will+come+up+again+and+again+next+year%2C+since+themes+of+income+inequality+and+tax+fairness+will+be+sounded+repeatedly+on+the+campaign+trail.%3C%2Fp%3EPayroll+tax+cut%3A+What%27s+at+stake%3Cp%3EUrban+Institute+resident+fellow+Howard+Gleckman+points+out+that+an+extra+tax+on+millionaires+may+make+for+great+politics+but+it+would+make+for+awful+policy%2C+although+not+for+the+reasons+that+many+in+the+GOP+suggest.%3C%2Fp%3E%3Cp%3ERepublicans+still+cleave+to+the+notion+that+to+ever+ask+millionaires+to+pay+more+in+taxes+will+bring+the+economy+to+a+screeching+halt+because+it+would+hurt+small+business+job+creation.+%3C%2Fp%3E%3Cp%3EBut+there+are+problems+with+that+reasoning%3A%3C%2Fp%3E%3Cp%3E–A+very+small+percentage+of+tax+filers+with+business+income+make+more+than+%241+million.+%3C%2Fp%3E%3Cp%3E–There+is+no+way+to+tell+how+many+new+jobs+those+millionaires+create.+%3C%2Fp%3E%3Cp%3E–And+business+income+can+come+from+activities+that+don%27t+result+in+a+lot+of+hiring%2C+such+as+owning+rental+property+or+investing+in+a+partnership.+%3C%2Fp%3E%3Cp%3EFor+Gleckman%2C+a+big+problem+with+the+millionaire+surtax+is+that+it+feeds+the+myth+that+the+super+rich+can+pay+for+everything.+They+can%27t.+There+are+not+enough+of+them.%3C%2Fp%3EPayroll+tax+cut+divide%3A+How+to+pay+for+it%3Cp%3EAnd+by+applying+a+surtax+here+and+a+surtax+there%2C+soon+you%27re+talking+serious+rate+creep+–+to+levels+that+could+be+counterproductive+%3Ca+href%3D%22http%3A%2F%2Fus-fast-cash-now.com%22%3Efast+cash%3C%2Fa%3E%3C%21–+.+–%3E.+The+higher+rates+become+the+more+likely+it+is+that+the+rich+will+look+for+ways+to+avoid+paying+them.%3C%2Fp%3E%3Cp%3EIf+the+Bush+tax+cuts+expire%2C+the+top+rate+goes+to+39.6%25+and+the+value+of+certain+deductions+goes+down.+Add+in+a+new+Medicare+tax+for+high-income+households+starting+in+2013%2C+and+the+top+rate+could+approach+50%25+if+Congress+passed+a+5.6%25+surtax%2C+Gleckman+noted.+%3C%2Fp%3E%3Cp%3EDespite+the+flaws+in+the+parties%27+strategies+–+Democrats+always+reach+first+to+tax+the+rich+and+Republicans+always+rush+to+protect+them+even+at+the+expense+of+everyone+else+–+each+contains+a+bit+of+truth+the+other+side+will+have+to+accept+sooner+or+later.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EBoth+the+rich+and+the+middle+class+eventually+will+have+to+contribute+to+efforts+to+spur+the+economy+and+stabilize+the+federal+budget.%3C%2Fp%3E%3Cp%3E%26quot%3BDemocrats+today+can%27t+solve+our+nation%27s+many+budgetary+woes+primarily+by+taxing+the+rich%2C+and+Republicans+risk+alienating+the+middle+class+when+they+try+to+spare+the+rich+from+sharing+the+additional+burdens+most+Americans+soon+must+bear%2C%26quot%3B+former+Treasury+official+Eugene+Steuerle+wrote+in+his+public+policy+column+%26quot%3BThe+Government+We+Deserve.%26quot%3B%3C%2Fp%3E%3Cp%3EThe+rich+will+have+to+pay+more+in+taxes%2C+he+notes%2C+because+even+if+spending+is+cut+across+the+board%2C+they+won%27t+feel+the+pinch+since+they+don%27t+rely+on+government+spending+to+get+by.%3C%2Fp%3E%3Cp%3EAnd+the+middle+class+will+eventually+need+to+accept+some+spending+cuts+and+tax+increases%2C+Steuerle+said%2C+%26quot%3Bnot+because+the+rich+can%27t+pay+more%2C+but+because+most+income+in+the+economy+resides+with+that+80+percent+of+the+population+that+is+neither+poor+nor+rich.%26quot%3B%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F14%2Fnews%2Feconomy%2Fmillionaire_surtax%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

European Central Bank president Mario Draghi says there’s “no external savior” for heavily indebted governments in the eurozone debt crisis and gave no sign the bank is ready to step in and support their finances.

Draghi said governments must take the tough steps to balance budgets and reform economies to promote growth.

“I will never tire of saying that the first response should be from government,” Draghi said Thursday at a speech in Berlin. “There is no external savior for a country that doesn’t want to save itself.”

As a “firewall” to calm markets in the meantime, Draghi said, the EU has its newly strengthened bailout fund.

Some economists have urged the ECB to support governments with bigger purchases of government bonds. So far the bank has made some purchases but kept them limited and said the program is temporary, stressing that governments must not rely on such help from the ECB.

Draghi said that the purchases were “neither eternal nor infinite.”

In his speech, Draghi focussed instead on the European Financial Stability Facility, the current EU bailout fund, as the “firewall” against the crisis. He urged EU officials to quickly implement decisions to strengthen it to assure markets governments will pay their debts on time.

Governments have agreed on ways to increase the fund’s lending power and are seeking outside investors such as countries in emerging markets to contribute to its lending power, so far without much progress.

Economists say the EFSF is too small to bail out Italy, the most recent focus of the debt crisis that has seen Greece, Ireland and Portugal seek bailouts from other eurozone governments and the International Monetary Fund.

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Toll Brothers Inc. says its fiscal fourth-quarter net income slid 70 percent, partly because last year’s quarter was helped by a large tax benefit.

Still, the performance topped analysts’ expectations, and the luxury homebuilder’s revenue climbed as home deliveries and net signed contracts increased.

Toll Brothers reported Tuesday that it earned $15 million, or 9 cents per share, for the three months ended Oct. 31. That compares with net income of $50.5 million, or 30 cents per share, a year earlier.

Last year’s results included a $59 payday loans with no fax.9 million tax benefit.

Analysts expected earnings of 5 cents per share.

Revenue rose 6 percent to $427.8 million. That beat Wall Street’s $424.3 million estimate.

Home deliveries climbed 8 percent. Signed contracts increased 15 percent.

Toll Brothers is based in Horsham, Pa.

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Unemployment rates fell in three-quarters of U.S. states last month, a sign that many parts of the country are experiencing modest job gains.

The Labor Department says unemployment rates fell in 36 states in October and rose in only 5. Rates were unchanged in 9 states. That’s the best showing since April, when rates fell in 39 states.

Nationally, the unemployment rate ticked down to 9 percent in October, from 9.1 percent the previous month. Employers added a modest 80,000 net jobs last month and the previous two months were revised to show much stronger gains payday advance lender.

Still, at least 125,000 jobs a month are needed to keep up with population growth, and at least double that amount to rapidly reduce the unemployment rate.

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Britain’s economy improved in the third quarter, with output growing by a higher than expected 0.5 percent, official figures showed Tuesday.

The figure reported by the Office for National Statistics was ahead of the market consensus forecast of a 0.3 percent quarterly rise. The statistics agency said the British economy was helped by a big 0.7 percent pickup in the services sector output and a 0.5 percent improvement in industrial production. They helped offset a 0.6 percent contraction in the construction industry.

The growth figures came as rare good news for an economy weighed down by high inflation, rising unemployment and cautious spending by pessimistic consumers.

Despite the better than expected growth, analysts remain cautious about the outlook for the British economy, especially at a time when the government is enacting a big austerity package and Europe’s debt crisis remains a worry.

Jonathan Loynes, chief European economist at Capital Economics, said the latest figures “do not alter our view that the economy is likely to fall back into recession over the coming quarters payday loans with no fax.”

Concern about the economy last month prompted Bank of England rate-setters to authorize 75 billion pounds ($120 billion) in additional asset purchases to stimulate activity.

The economy grew by 0.4 percent in the first quarter of the year, then dropped to 0.1 percent growth in the second quarter.

Tuesday’s figure is a first estimate and is subject to revision.

The GDP announcement coincided with the release of the latest Markit/CIPS manufacturing index which showed confidence at a 28-month low. Purchasing managers in the survey reported a substantial reduction in new orders.

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NEW YORK

China’s oceanic administration says it is preparing to sue ConocoPhillips China for damages to the environment resulting from offshore oil spills that began in June.

The State Oceanic Administration said Tuesday in a notice on its website that it was recruiting legal advisers to pursue compensation claims against the company, which operates the leaking oil wells in Bohai Bay.

ConocoPhillips said in a statement Monday that it expects to have mud affected by the oil cleaned up by the end of August. A company spokesman said the process was slowed by concerns for worker safety in the unclear waters affected by the spill.

The spills have added to concerns over damage to the marine environment in Bohai, a major fisheries base, from industrial, agricultural and other types of pollution.

ConocoPhillips China operates the wells in the Bohai’s Penglai 19-3 oilfield in partnership with state-run China National Offshore Oil Corp. The spills covered 840 square kilometers (324 square miles), according to oceanic administration reports, and have drawn criticism from environmentalists and local media over potential damage and apparent delays early on in notifying the public.

The ConocoPhillips spokesman, John McLemore, said in an e-mailed message that local media reports of a fresh leak were erroneous.

“To my knowledge there are no new leaks. If there are they are very small and cleaned up immediately,” he said. “All we actually reported was that we found some additional drilling mud on the seabed.”

Most of what was released was drilling mud, which sinks to the seabed and is relatively easy to clean up, he noted.

The company said the seep was less than 1 liter (0.26 gallon) per day. Resumption of pumping in some wells that had been shut down earlier was helping to reduce pressure and “should help alleviate the seep,” it said.

“We are taking some heat for not cleaning it up faster but as you know Bohai Bay is not the most pristine water to begin with so our 60 plus divers can only see a meter or two in front of their face,” said McLemore. “ConocoPhillips is not going to be put on a time schedule by anyone that puts workers at risk. We say safety comes first at ConocoPhillips and we mean it.”

ConocoPhillips said it had recovered 326 cubic meters (2,050 barrels) of “mineral oil-based mud” from around the Penglai 19-3 platform and has more than 900 staff and more than 30 vessels working to resolve the problems.

The company said the total amount of oil and drilling fluids leaked in the spills was estimated at about 240 cubic meters (1,500 barrels). Some of the oil found on the sea surface was analyzed and determined to be coming from a seep in the seabed rather than Penglai 19-3 wells, it said.

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