Asian Stocks Surge Amid Eased Rate Hike Fears, Oil Prices Rise

Asian stocks rose on Monday after a weak U.S. employment report reduced the likelihood of an imminent rate hike, easing fears of a Federal Reserve increase.

The job market data, released over the weekend, weighed against stronger corporate earnings, which had driven Wall Street higher last week.

In particular, Brent crude rose 0.9% to $84.32 a barrel, while U.S. crude gained 0.7% to $78.74 a barrel due to low shipments through the Strait of Hormuz.

Analysts expect the July consumer price index report on Wednesday to be crucial in determining rate expectations, with any unexpected upside surprise potentially reviving speculation about a rate hike as early as next month.