Asian Markets Rise as Jobs Report Eases Rate Hike Fears

Asian markets rallied on Monday after a surprise loss of 23,000 jobs in the US employment report. The development reduced pressure on the Federal Reserve to hike interest rates in September.

The Nikkei and Kospi indices rose as investors anticipated lower interest rate expectations. However, rising oil prices due to geopolitical tensions in the Gulf remain a concern for investors ahead of Wednesday's key US inflation data.

Brent crude prices climbed to around $84.32 a barrel, while US crude rose to $78.74. This increase is primarily linked to ongoing geopolitical tensions in the Gulf region, particularly concerning shipping routes in the Strait of Hormuz.