US Jobs Report and Oil Prices Take Center Stage in Global Markets
Asian markets held their breath on Friday as investors eagerly awaited the US jobs report, which could significantly impact the Federal Reserve's interest-rate decision next month.
The report is expected to show a rise of 80,000 jobs in July, following a gain of 57,000 in June, with the unemployment rate forecasted to remain steady at 4.2%.
A strong jobs number could reinforce higher-for-longer pricing and put upward pressure on rates, while a soft payrolls report may lead to easing yields and policy expectations shifting toward a dovish path, according to Michael Feroli, chief US economist at JPMorgan.
The Middle East tensions also continued to impact markets, with rising oil prices serving as a reminder of the ongoing risks. Brent crude futures gained 1.5% to $83.78 a barrel, following a 3.8% jump overnight.