Asian markets climbed on Monday morning, buoyed by a robust U.S. jobs report that eased concerns about the health of the world’s largest economy. Meanwhile, the dollar remained strong as traders reduced expectations for a significant interest rate cut.
Oil prices dipped, driving oil prices toward US$80 per barrel last week. However, as trading began on Monday, benchmark Brent crude retreated to US$77.79 a barrel slightly as traders awaited Israel’s response to last week’s missile barrage from Iran, with ongoing concerns about a potential regional conflict in the Middle East.
A stronger dollar against the yen helped lift Japanese stocks, with the Nikkei 225 rising nearly 2%. Hong Kong also extended its recent rally, driven by China’s economic stimulus measures.
Other regional markets, including Sydney, Seoul, Singapore, Taipei, and Manila, saw early gains. Hong Kong’s Hang Seng Index was up 1.2%, while Shanghai remained closed for a holiday.
In the U.S., stocks rallied last Friday following an unexpectedly strong jobs report, boosting optimism about the economy. The S&P 500 rose 0.9%, nearing its all-time high set on Monday. The Dow Jones Industrial Average gained 341 points, or 0.8%, to set a new record, while the Nasdaq composite advanced 1.2%.
