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U.S. jobs data eases Fed rate hike bets

In a photo taken on November 4, 2019 a subway train crosses a rail bridge over the Han river, before the skyline of the Yeouido business district of Seoul.

Ed Jones | Afp | Getty Images

Asia markets gained Monday after a soft monthly jobs report from the United States helped ease bets that the Federal Reserve will continue to hike interest rates.

U.S. nonfarm payrolls increased by 150,000 in October, lower than the Dow Jones consensus forecast for a 170,000 rise.

Investors will monitor Japan’s au Jibun Bank’s final reading on business activity in October, due later Monday.

Returning from a long weekend, Japan’s Nikkei 225 gained 2% at the open, while the Topix added 1.45% to its highest level in over one month.

South Korea’s Kospi jumped 2.14%, and the Kosdaq gained 3.39%.

Futures for Hong Kong’s Hang Seng index stood at 17,867, pointing to a higher open compared with the HSI’s close of 17,664.12.

In Australia, the S&P/ASX 200 rose 0.40%.

U.S. stocks closed higher on Friday after a soft jobs report drove bond yields lower, and the major indexes registered their best week so far in 2023.

The S&P 500 climbed 0.94% and notched its first five-day advance since June.

The Dow Jones Industrial Average gained over 200 points to rise 0.66%, while the Nasdaq Composite jumped 1.38%.

— CNBC’s Sarah Min and Brian Evans contributed to this report.

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