HONG KONG (MarketWatch) -- Most Asian markets rallied Thursday as stronger-than-expected jobs data from Australia, buoyant commodity prices and news of Alcoa's return to profit spurred investors' appetite for risk. Australia's S&P/ASX 200 rose 1.6% to 4,768.60 for its highest finish in more than a year. The index's rise for a third day came after official data showed the nation's unemployment rate fell to an adjusted 5.7% in September from 5.8% in August. Furthermore, 40,600 jobs were created during the month, trouncing expectations of a 5.9% unemployment rate and a loss of 10,000 jobs. "The data result was astonishingly strong, and that would justify the Reserve Bank of Australia's recent rate hike," said Societe Generale senior dealer Yuji Saito. The "extraordinary" rise in Australian employment painted a pretty clear picture for Australia's economic recovery, said Macquarie Economist Brian Redican. "The outlook for employment now is looking increasingly rosy." Japan's Nikkei 225 rose 0.3% to 9,832.47, also rising for a third session, and South Korea's Kospi rebounded 1.1% after declining for five sessions. Hong Kong's Hang Seng Index closed up 1.2% at 21,492.90 to clinch gains for a fourth day. Heavyweight HSBC Holdings (HK:5 89.05, +1.60, +1.83%) (HSB 9.99, -0.01, -0.10%) rose 1.8% on news the banking major is in advanced talks to buy the retail and commercial banking assets of Royal Bank of Scotland in some Asian countries. Elsewhere, New Zealand's NZX 50 rose 0.9%, Taiwan's Taiex fell 1.4% and the Philippines' main index ended flat. In afternoon trading, India's Sensex rose 0.6% and Singapore's Straits Times gained 0.2%. Also helping push the regional markets higher, U.S. stock futures were pointing toward a strong opening, with Dow Jones Industrial Average futures recently 87 points higher in screen trade. Regional metals companies got a boost after U.S. aluminum giant Alcoa (AA 14.20, +0.31, +2.23%) posted a third-quarter profit, belying expectations, after the company recorded three quarterly losses in a row. After the U.S. markets closed, Alcoa also said it saw signs that key markets were stabilizing and predicted global aluminum consumption would increase 11% in the second half of 2009. Its shares gained 5.7% in after-hours trade. Broadly firmer base-metals prices on the London Metals Exchange were also supportive. That lifted shares of Alumina (AWC 6.54, +0.21, +3.32%) (AU:AWC 1.93, +0.09, +4.61%) , Alcoa's Australian joint-venture partner, by 4.6% in Sydney. Elsewhere, Korea Zinc rose 4.2%, Aluminum Corp. of China (ACH 28.08, +0.31, +1.12%) (HK:2600 9.14, +0.38, +4.34%) gained 4.3% and Jiangxi Copper (HK:358 18.44, +0.36, +1.99%) (JIXA.Y 93.75, +2.00, +2.18%) added 2% in Hong Kong, while India's Sterlite Industries (SLT 17.00, +0.24, +1.43%) advanced 2% and National Aluminium rose 1.8% in afternoon trading. Gold miners rose further as spot gold rallied after hitting a record $1,051.35 an ounce. Gold's driven by the weaker U.S. dollar on the back of Australia's bullish employment data. The metal was recently up $11.70 at $1,056.30, after rising as high as $1,059.40 earlier in the day. But the rise in gold-related shares was modest compared with the hefty gains they have recorded recently. Lihir Gold (AU:LGL 3.17, +0.03, +0.96%) (LIHR 27.90, +0.42, +1.53%) rose 1% and Newcrest Mining (AU:NCM 35.16, +0.01, +0.03%) (NCMG.Y 31.15, +0.69, +2.27%) ended flat in Sydney, while Real Gold Mining (HK:246 10.90, +0.40, +3.81%) added 3.8% and Zhaojin Mining Industry (HK:1818 14.98, +0.10, +0.67%) (ZHAOF 1.85, +0.04, +2.21%) advanced 0.7% in Hong Kong. Analysts at Barclays Capital wrote in a report that they "would not underestimate the upside potential [for gold prices] and ultimately expect a push beyond $1,200 in 2010."

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