* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asia ex-Japan index climbs to fresh all-time peak
* Nikkei off 30-year high on risk of Tokyo state of
emergency
* Dollar under pressure as U.S. deficits swell
* Brent rises to 10-month top, gold also gains
* Factory surveys, U.S. jobs and Fed minutes all ahead
By Wayne Cole
SYDNEY, Jan 4 (Reuters) - Asian shares resumed their ascent
on Monday as investors pinned their hope on vaccines to
eventually deliver a global economic upturn, even as a possible
tightening in virus rules for Tokyo pulled Japanese stocks off
30-year highs.
After a slow start, MSCI's broadest index of Asia-Pacific
shares outside Japan .MIAPJ0000PUS swung 1.2% higher, hitting
another all-time peak.
South Korea climbed 2% .KS11 to a record, led by the chip
and auto sectors, while Chinese blue chips .CSI300 added 0.3%.
E-Mini futures for the S&P 500 ESc1 were steady after also
touching a record high. EUROSTOXX 50 futures STXEc1 were
flat, while FTSE futures FFIc1 rose 0.4%.
Investors are still counting on central banks to keep money
cheap while coronavirus vaccines help revive the global economy
over time, though much of that optimism is already priced in and
the virus still spreading.
Japan's Nikkei .N225 shed early gains, falling 0.4% after
Prime Minister Yoshihide Suga confirmed the government was
considering a state of emergency for Tokyo and three surrounding
prefectures. Investors are cautiously watching runoff elections in
Georgia for two U.S. Senate seats on Tuesday that will determine
which party controls the Senate. If the Republicans win one or both, they will retain a slim
majority in the chamber and can block President-elect Joe
Biden's legislative goals and judicial nominees.
"If Democrats win both races, Vice President-elect Kamala
Harris would be the tiebreaking vote, giving the party unified
control of the White House and Congress," noted analysts at CBA.
"This would raise the likelihood a material U.S. infrastructure
spending package gets fast-tracked through Congress."
Minutes of the Federal Reserve's December meeting due on
Wednesday should offer more detail on discussions about making
their forward policy guidance more explicit and the chance of a
further increase in asset buying this year.
PAYROLLS A RISK
The data calendar includes a raft of manufacturing surveys
across the globe, which will show how industry is coping with
the spread of the coronavirus, and the closely watched ISM
surveys of U.S. factories and services.
Chinese factory activity continued to accelerate in
December, though the PMI missed forecasts at 53.0. Japanese manufacturing stabilised for the first time in two
years in December, while Taiwan picked up. Friday sees the U.S. December payroll report where median
forecasts are for only a modest increase of 100,000.
Analysts as Barclays are tipping a fall of 50,000 in jobs,
which would be a shock to market hopes of a speedy recovery.
"A number of incoming indicators on activity point to slower
momentum as the economy closes out the year, including data on
labour markets where initial claims rose during the December
survey period," said economist Michael Gapen in a note.
Such a drop would add pressure on the Fed to ease further,
another burden for the dollar which is already buckling under
the weight of the massive U.S. budget and trade deficits.
The dollar index was last at 89.704 =USD , not far from its
recent 2-1/2-year low of 89.515 having shed almost 7% in 2020.
The euro pushed back up to $1.2252 EUR= , having run into
profit-taking late last week when it reached the highest since
early 2018 at $1.2309. It gained almost 9% over 2020.
The dollar slipped to 103.02 yen JPY= , and looked in
danger of testing key support at 102.55. Sterling firmed to
$1.3690 GBP= , levels last seen in mid-2018.
In the cryptocurrency space, Bitcoin BTC=BTSP steadied at
$33,102, after touching an historic top at $34,800.
The decline in the dollar has been a support for gold,
leaving the metal 1.3% firmer at $1,922 an ounce XAU= .
Oil prices extended their rise after a couple of months of
solid gains, with Brent testing resistance around $52.50 a
barrel. O/R
Brent crude LCOc1 futures rose 62 cents to $52.49, while
U.S. crude CLc1 added 59 cents to $49.11 a barrel.
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(Editing by Jane Wardell, Kenneth Maxwell and Gerry Doyle)