Asian Stocks Rise Amid Eased Rate Hike Fears

Asian stocks saw gains on Monday after US job losses eased fears of interest rate hikes. According to data from the US Bureau of Labor Statistics, 23,000 jobs were lost in July, with growth in May and June revised down.

This reading suggested the world's number one economy was slowing, but traders welcomed the prospect that the Federal Reserve would hold off hiking borrowing costs for now.

The chances of an increase in September dropped to about 43 percent from 64 percent a week ago, according to Bloomberg. Inflation data due later this week will be the next guide for investors.

Market sentiment was also influenced by news that Iran's Revolutionary Guards would not reopen the Strait of Hormuz until the United States complied with their demands. This led to a jump in oil prices, which extended gains from last week.