Global Stocks Rise as Weak US Jobs Data Eases Rate Fears

Stocks rose globally on Monday as investors reduced their bets on a Federal Reserve interest rate hike following weak US jobs data. The S&P 500 ended at a fresh record high, while tech firms, which benefit from lower rates, led the gains.

The US Bureau of Labour Statistics reported that 23,000 jobs were lost in July, with growth in May and June revised downward. This led to a decrease in expectations for an interest rate hike in September, with Bloomberg now predicting only a 43% chance.

Despite a spike in oil prices, the positive mood was fuelled by the labour market data, suggesting that the US economy is slowing. The dollar clawed back its losses from Friday and continued to gain against the yen.

Crude prices rose as Iran's Revolutionary Guards insisted they would not reopen the Strait of Hormuz until the United States complied with a list of demands. The strait, through which a fifth of world oil passes, has been closed since April.