Asian stocks rose broadly after US jobs data came in below expectations and concerns about an early Federal Reserve rate hike eased. Meanwhile, disruption surrounding vessel traffic through the Strait of Hormuz pushed up crude oil prices, although gains remained modest in some areas.
Asian stock markets rose broadly on Monday as US jobs data came in below expectations and expectations for an early Federal Reserve rate hike receded. Domestic and overseas markets increased their risk appetite, taking their cue from movements in long-term US yields and record highs in US equities.
Crude oil markets edged higher amid disruption to shipping through the Strait of Hormuz and stalled diplomatic negotiations, with North Sea Brent and WTI both ending slightly higher.
In the US market, the probability of a rate hike next month fell to around 44%, while Treasury yields declined at times. Corporate earnings announcements from 12th onward nevertheless remained a focus, with EPS growth centered on AI-related stocks attracting market attention.
Japan's Nikkei 225 rose about 2%, South Korea gained about 1% and the Asia-Pacific index advanced 0.8%, in line with the region-wide increase in risk appetite.