Asian Stocks rise as US jobs gain outweighs fears over Greece

Asian shares rose on Monday as surprisingly robust US jobs data bolstered investor risk appetite, overshadowing worries about a lack of progress in Greek debt restructuring talks that are vital to containing the euro zone debt crisis.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.6 percent to its highest in more than five months, after the index recorded a fifth successive weekly gain last week.

Major stock indexes closed on Friday at multi-month highs, as sentiment was bolstered by U.S. job creation which far exceeded expectations last month and a surprise acceleration in the U.S. services sector to its highest in nearly a year.

In the euro zone, the private sector economy expanded in January for the first time since August, raising hopes the region could avoid a recession.

But Greece remained a drag as a number of major conditions demanded by the "Troika", representing Greece's European Union, European Central Bank and IMF lenders, were still outstanding. Athens must tell the EU by Monday whether they accept the stern terms of a new bailout deal. Without the deal, Athens would head for a disorderly default.

"It's a mixed bag really. Until Greece is resolved, it's hard to get too unambiguously bullish on the back of better U.S. news and liquidity from Europe," said Andrew Pease, Sydney-based chief investment strategist at Russell Investments Asia Pacific.

"It's hard to see any solution to Greece that doesn't involve some form of default," he said, adding that while the uncertainty over the Greek issue remains a source of volatility, an event risk would be "a known unknown" and not a surprise.

The euro was down 0.2 percent at $1.3127.

Latest figures dated January 31 showed investors reduced their short positions in the euro last week, after five weeks of selling, but the market is still significantly short of the single currency.