Fed Rate Hike Bets Fade Amid Weaker Jobs Data

Global shares rose on Friday as investors tempered their expectations for an impending interest rate hike from the Federal Reserve. The Labor Department's jobs report showed nonfarm payrolls increased by 29,000 jobs in September, short of the expected gain of 90,000.

The data led to a decrease in bets on an October rate rise, with traders pricing in a roughly 80% probability that rates would be unchanged at this month's meeting. The odds of a December hike were last at around 86% probability, according to LSEG data.

Higher rates are often viewed as a negative for stocks because they increase borrowing costs for businesses and consumers.