Asian Share Markets Rise on Weak US Jobs Report as Oil Prices Climb

Asian share markets rose on Monday as a weak US jobs report reduced the likelihood of an immediate interest rate hike. The positive impact from Wall Street was seen in Asian markets, but crude oil prices increased due to ongoing tensions in the Gulf region.

The Brent crude price rose 0.9% to $84.32 a barrel, while US crude rose 0.7% to $78.74 a barrel. This increase in fuel prices has made the upcoming US July consumer price report more significant, with analysts estimating a 0.1% increase in the main price index and a 0.2% rise in the core index.

Michael Feroli, chief US economist at JPMorgan, stated that 'Our estimate is that core CPI will be 0.22%, which may not be enough pressure for the Fed to raise interest rates at the September meeting.' However, if the price increase is higher than expected, the possibility of an interest rate hike in September may resurface.

As a result of the weak US jobs report and its implications, Japan's Nikkei index rose 0.6%, South Korea's stock index increased by 0.5%, and the MSCI broader Asia-Pacific index excluding Japan rose 0.3%.