Weak US Jobs Data Eases Rate Hike Fears as Oil Prices Rise

Asian stock markets followed Wall Street higher on Monday after a weak U.S. employment report reduced the likelihood of an imminent rate hike.

The report, which came out over the weekend, showed a slower-than-expected pace of job growth in the U.S., easing concerns that the Federal Reserve would raise interest rates sooner rather than later.

In response, investors sent stocks higher across the region. Japan's Nikkei rose 0.6%, while South Korea's index added 0.5%. The broad MSCI index of Asia-Pacific shares excluding Japan rose approximately 0.3%.

The weak U.S. jobs data also supported a rally in U.S. bonds, with the yield on 10-year Treasuries edging higher to around 4.673%. Meanwhile, lower yields and an overall improvement in risk sentiment weakened the dollar, which traded near a seven-month high of around $1.1557 per euro.

The market is now looking ahead to the U.S. July consumer price index report on Wednesday, which could determine the direction of global market movements in the coming days.