Asian Markets Surge on Weaker US Jobs Report

Asian markets surged on Monday after a weaker-than-expected US jobs report cooled expectations for a Federal Reserve rate hike, leading to a risk-on tone across global markets.

The KOSPI in South Korea added 1.1%, while Japan's Nikkei 225 rose about 2% as investors treated the softer hiring data as a reason for the Fed to stay patient.

However, China moved in the opposite direction with the CSI 300 down 0.4% after inflation data reinforced concerns about sluggish domestic demand.

The US nonfarm employment fell by 23,000 in July, while May and June were revised down by a combined 103,000 jobs, pushing expectations for a September Fed increase sharply lower.