Asian Stocks Rise on Eased Rate Hike Fears After US Jobs Report
Asian stocks rallied Monday following the US Bureau of Labor Statistics' report that 23,000 jobs were lost in July. This development tempered expectations for a US interest rate hike, reducing the chances to about 43 percent from 64 percent a week ago.
The data also showed revised growth in May and June, which traders welcomed as a sign that the Federal Reserve will hold off on hiking borrowing costs for now.
Technology firms, particularly Japanese and Korean chipmakers like Kioxia, Tokyo Electron, Advantest, SK hynix, and Samsung, led the charge higher. The gains in tech helped drive the S&P 500 to a fresh record high.
However, oil prices jumped around one percent as Iran's Revolutionary Guards maintained their blockade of the Strait of Hormuz until the US meets their demands. US President Donald Trump downplayed the situation, saying 'We are low-keying it.'